Time Warner’s AOL has spent much of the past year revamping its advertising operation, consolidating it under the Platform A brand, and restructuring staff at the unit. But the firm’s ad business is suffering, according to Time Warner CFO John Martin.
Speaking at an industry event yesterday, he said ad contract cancellations and sluggish third-party network revenue (read: Advertising.com, and other AOL-owned networks like Tacoda and Quigo) are to blame. As reported by The Wall Street Journal, the company doesn’t have high hopes for the second half of ’08.
Earlier this year, the company cited downward pressure on CPMs and the ongoing fallout from the loss of its ad deal with Apollo Group, which owns major online marketer University of Phoenix. Whether these factors are still taking a toll is unclear. I was unable to get a hold of anyone today at AOL or Time Warner to provide more detail.
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