global media environment christopher harland frank günther october 16 2002 2 sector relative performance 2001 present market rebased to 100 0 20 40 60 80 120 140 12 29 00 28 01 4 26 6 22 8 10 18 15 02 msci us eu europe s&p500 source factset 3 subsector last months current price as a discount ltm high 13 25 7 34 45 5 54 58 entertainment conglomerates pay tv cable broadcasting outdoor consumer publishing professional avg 38 ad agencies 43 53 55 9 79 49 fragmentation of top markets by adspend bn 135 41 17
