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WPP Chief Sees $3B in Spending on Google, $650M on Facebook in 2015

WPP's CEO Martin Sorrell says geopolitical concerns like Ebola, ISIL, tensions between Russia and Ukraine and the conflict in Hong Kong is having a spill-over effect on business confidence.

WPP's CEO Martin Sorrell says geopolitical concerns like Ebola, ISIL, tensions between Russia and Ukraine and the conflict in Hong Kong is having a spill-over effect on business confidence and that in turn is causing businesses to slow advertising spending. WPP, the world's largest media group, says it's a 'bifurcated market' where fast growing regions are continuing to show strong growth compared to other, more mature markets. Sorrell says many firms are now devoting about a quarter of their ad budgets to digital buys. Sorrell says his firm will likely spend $3 billion with Google, $650 million with Facebook and $100 million with Twitter on digital advertising for its clients in 2014. Much of that money is going to mobile search and video ads. TheStreet's Ruben Ramirez has details from New York.

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