Aegis Group and Havas, two of the smaller players in the world of advertising holding companies, are feeling the pinch during the current downturn compared with larger rivals. Aegis took an 11.6% hit in first-quarter revenue on a year-over-year basis, while Havas reported being down 8.4%. "Small players get hit harder because they're more committed to a smaller number of clients," RBS analyst Justin Diddams said.

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