Media owner advertising revenues are forecast to grow by +4.8% in 2015 to $536 billion. The new growth forecast is in line with our previous forecast (+4.9% in June 2014) and represents a deceleration from 2014 (+5.5%). The stronger economic environment expected next year (+3.8% real GDP compared to +3.3% in 2014) will not quite offset the negative impact caused by the absence of non-recurring drivers seen this year like the Winter Olympics, the FIFA World Cup or the US mid-term elections. We believe these events generated one extra point of advertising growth in 2014. Despite the stability of our top-line growth forecast for 2015, significant revisions have been made on a country-by-country basis…

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