'Recession-Proof' P&G Aims to Renegotiate Media Spending Globally

"This media environment is a big 'O' opportunity for us, because we're the biggest advertiser in a lot of these countries, and we just go in and tear up the contract," Mr. Lafley said. "Whole industries have walked away [from media advertising]. So everything is getting renegotiated, and we want to be ahead of the curve."

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