Initiative Media Boosts Billings by $300 Million

Buoyed in part by the “dot-com” advertising surge, Initiative Media North America reported a $300-million increase in billings during the first quarter. Initiative Media, which buys advertising time and space for such companies as Walt Disney Co., Home Depot and Unilever, added such new accounts as Albertsons.com, Cheap Tickets, Baskin-Robbins and HealthCentral.com during the quarter. “If the agency continues at this rate of growth, we have the potential to see annual growth of over $1 billion,” said Initiative Media Chairman and Chief Executive Lou Schultz. The Los Angeles-based unit, a division of New York-based Initiative Media Worldwide, reported $5.4 billion in 1999 billings.