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AOL Time Warner and media-buying group Aegis have issued downbeat

forecasts for advertising in 2002, confounding predictions of an

upturn.

AOL Time Warner's incoming chief executive Richard Parsons said this

week: "We are assuming no recovery in the economy and we are not

counting on any advertising growth in 2002."

Aegis said last year had seen no growth on the previous year and that it

was currently experiencing only a "modest increase in new business

opportunities".

AOL Time Warner also posted disappointing preliminary results for 2001,

forecasting revenue growth of 5% to £26.2bn, below original

projections of £27.8bn.