For insecurity, there are few businesses like the advertising business. Even in the best of times, agencies' fortunes depend on their ability to retain fickle clients, who often switch accounts at the slightest whim. Some of the nation's largest agencies have become publicly owned corporations in recent years, and they feel a need to impress both stockholders and watchful clients with steadily rising profits. To do so, more than a dozen firms have ventured into enterprises well beyond the frontiers of advertising.
Lately the diversification pace has quickened. Young & Rubicam. which has become the nation's second largest agency under President...
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