The current recession has had a remarkable impact on the advertising industry. Overall, spending on advertising has fallen 2.6%. The three companies that spend the most money on advertising have all cut their ad spending significantly. Procter&Gamble, the top spender on advertising, cut their spending from $3.53 billion to $2.85 billion, a 19% decline. General motors dropped their spending 14.9%, and AT&T dropped theirs 7.2%. One of the most interesting parts, however, is that P&G claims that their reach has not been affected by the decline in spending. They say that they have managed to make deals on radio, print, and broadcast ads. This could be the result of a 20% drop in broadcast television advertising rates.