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[TRUE NORTH COMMUNICATIONS INC. LETTERHEAD]
November 3, 2000
Kathryn Woods, True North: 212-727-5582
NEWS
TRUE NORTH COMMENTS ON DAIMLERCHRYSLER DECISION
CHICAGO -- True North Communications Inc. (NYSE: TNO) today said that
DaimlerChrysler's Auburn Hills-based Chrysler Group has informed the company
of its decision to consolidate global advertising for the Chrysler, Dodge and
Jeep-Registered Trademark- brands at BBDO Worldwide. True North's FCB Detroit
agency has handled global advertising for Chrysler and Jeep brands as well as
international media buying for DaimlerChrysler brands in most international
markets in addition to spot market media buying for U.S. dealers. The
company said that there will be a 180-day transition period during which FCB
will continue to handle its portion of the account.
David Bell, Chairman and Chief Executive Officer, commented, "We're
disappointed that the superior quality of our global work and our experience
in integrating business from other agencies for Chrysler Group did not seem
to be the critical drivers that we'd anticipated."
Bell said that the company presented a plan that provided the level of
global service it believed necessary while providing very significant cost
savings. "Based on our extensive experience in handling global advertising
for Chrysler and Jeep-Registered Trademark-, we proposed an account structure
that we felt would have provided the level of service needed in light of the
client's very serious marketplace challenges. The fact is, going any lower in
cost than what we'd proposed would also have lowered our margins to levels
that would have been unacceptable to us and to our shareholders."
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2/TRUE NORTH COMMENTS ON DAIMLERCHRYSLER DECISION
"We wish Chrysler Group well and we will of course help them very
professionally during this transition period," said Bell.
He emphasized, "We believe FCB Detroit is the single best automotive agency
in the business, with an unparalleled creative record and depth of automotive
experience. We will move swiftly in pursuing a new automotive account. We are
confident that there will be opportunities opening up in the marketplace and
we have a leadership team in Detroit that is fully committed to moving ahead."
Mike Vogel, CEO of FCB Detroit, said, "Our focus is now on replacing this
business and finding the next set of challenges for our agency. FCB Detroit
is a world-class automotive agency and we're very proud of our client
commitment and our work and our outstanding reputation for both."
True North said that the revenue loss, estimated at an annualized $140
million, represents about 9% of True North's estimated 2000 revenues.
According to Kevin Smith, True North's Chief Financial Officer, the revenue
from the Chrysler Group account was largely domestic, with only about $20
million of it international.
The company will continue to receive revenue from the account during the
six-month transition period. Smith said, "We will work closely with Chrysler
in the coming weeks to determine the costs associated with the transition and
the continued level of service that the client will need. At this point, it
is our belief that we will be about $0.15 - $0.22 below the consensus
estimate for 2001, assuming we're on track with our other corporate plans.
However, once we have clear agreement on the transition, we'll be able to
communicate more information on the financial outlook for 2001."
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3/TRUE NORTH COMMENTS ON DAIMLERCHRYSLER DECISION
Commented Bell, "Our management has met such challenges before and, while
these are our initial estimates, we intend to direct our energies toward
offsetting this." Bell also said, "True North today is a much stronger
company which has had strong momentum and net new business wins of more than
$1 billion in billings by the end of the third quarter. FCB Worldwide is a
very powerful agency -- with or without Chrysler Group. Its global track
record of new business, creative quality and leadership as well as its new
FCBi brand make it a powerful global agency with many of the world's top
marketers as clients. In competitive reviews both before and since the
Chrysler review, FCB has won time and again on the competitive merits of its
work, including most recently AT&T Business Services, Cablevision, CMGI,
Jell-O, and Major League Baseball."
Brendan Ryan, CEO of FCB Worldwide, said, "We are just completing the best
year by far in the history of FCB. Our unique business model, our
outstanding creativity, our proprietary marketing tools, our global coverage,
and most importantly, our people have been the key components of this
success. These fundamentals have never been stronger and will now guide us
quickly beyond this setback to continue our profitable growth well into the
future."
WEBCAST:
True North will host a conference call for analysts and investors on Monday,
November 6, 2000 at 10 AM Eastern Standard Time. The conference call will be
simulcast live on the Internet, accessible on www.vcall.com with replays
available for 15 days.
END NOTES:
True North Communications Inc. (NYSE: TNO) is one of the world's leading
advertising and communications holding companies. True North has three major
global brands: FCB Worldwide, advertising; BSMG Worldwide, public relations;
and Marketing Drive Worldwide, marketing services. In addition, True North
has a strong set of other brands: Bozell Group, New America Strategies Group,
Temerlin McClain, Tierney Communications and TN Media, among them. True North
also has a stake in the expanding German-based advertising agency, Springer &
Jacoby.
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4/TRUE NORTH COMMENTS ON DAIMLERCHRYSLER DECISION
In the digital area, True North's portfolio of brands includes R/GA
Interactive, SixtyFootSpider and Stein Rogan + Partners. Based in Chicago,
True North had 1999 revenues of approximately $1.4 billion and annual
billings of more than $14 billion.
FCB Worldwide (www.fcb.com) is the largest advertising agency brand in the
U.S. and the fifth largest agency worldwide, with 1999 billings of $8.8
billion. With more than 200 offices servicing clients in 96 countries, FCB
Worldwide's client roster includes S.C. Johnson, DaimlerChrysler, Compaq,
Amazon.com, AT&T, Avaya, and Coors. FCB is the largest agency brand of True
North Communications.
CAUTIONARY STATEMENT:
Certain statements contained in this press release may constitute
"forward-looking statements" within the meaning of Section 21E(i)(1) of the
Securities Exchange Act of 1934. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may cause True
North's actual results to be materially different from any future results
expressed or implied by these statements. Such factors include the
following: general economic and business conditions, the ability of True
North to continue to improve its cost management, the ability to maintain
current and attract new clients, the ability of True North to integrate
acquisitions or complete future acquisitions, dependence upon and
availability of qualified personnel and changes in government regulation. In
light of these and other uncertainties, the forward-looking statements
included in this document should not be regarded as a representation by True
North that True North's plans and objectives will be achieved.
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