The public relations industry, the same as advertising, is concentrated in the hands of few dominant firms. Still, the striking element about corporate public relations is that PR firms are tightly related to advertising companies. Nine out of the ten biggest international PR agencies have close ties with the advertising industry. Also, looking at the largest acquisitions involving U.S. PR firms from 1997 to 1999 it is apparent that money coming from advertising agencies has played an important role.
Table: Top 10 PR Firms 1998
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With many PR agencies sold to advertising companies, the advertising industry's influence further increases; enabling them to offer their clients not only advertising services, but also know-how in marketing, public opinion, crisis and issues management and political lobbying.
Table: Acquisition of PR Agencies (1997 - 1999)
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Source: Odwyerpr.com.
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Japanese SONY KK, major Japanese manufacturer of consumer electronics products. Headquarters are in Tokyo. The company was incorporated in 1946 and spearheaded Japan's drive to become the world's dominant consumer electronics manufacturer in the late 20th century. The company was one of the first to recognize the potential of the consumer videotape market. In 1972 it formed an affiliate to market its Betamax colour videocassette system. In 1987-88 Sony purchased the CBS Records Group from CBS Inc., thus acquiring the world's largest record company. It followed that purchase with the purchase in 1989 of Columbia Pictures Entertainment Inc.