Grey Global Group posted a $28.6 million fourth-quarter loss ($21.88 per-share) following a $32.2 million charge for write-downs of Internet investments and the costs of disposing 160,000 sq. ft of office space. The firm earned $3.6 million for the year earlier period.

GGG, said CEO Ed Meyer, was hit hard by client spending, especially in the telecommunications and high-tech sectors. Billings for the full-year dropped 2.4 percent to $8.1 billion.

On the PR front, GCI Group picked up U.S. assignments from General Motors, Forest Labs, Holiday Inn, Coca-Cola, Starbucks, SlimFast and Royal Bank of Scotland.

The firm added Saab in Europe, and Procter & Gamble's Pringles in Asia.

APCO Worldwide gained USA Today, Compaq, Raytheon, Union Pacific and the governments of Mexico, Mongolia and Liechtenstein. The PA firm represents Chubb Insurance in China and Yukos Oil in Russia.