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Stewart’s manager and, in 1998, represented Mr. Stewart in
contract litigation against Mr. Menard.
Like Mr. Caponigro, Mr. Agajanian examined the 1997 and 1998
Joyce Julius yearend sponsor reports on television exposure value
but cautioned that the Joyce Julius reports are intended for
comparisons between brands and do not set firm advertising
values. Moreover, Mr. Agajanian explained, the Joyce Julius
reports do not account for other forms of exposure, including
newspapers, magazines, radio, internet, and racing fans’ brand
loyalty. According to Mr. Agajanian, the “normally accepted
premise” regarding racing media exposure is that television
constitutes 40 percent to 50 percent of total sponsor media
exposure.
Applying the 50-percent premise to Menards’s Joyce Julius
television exposure values for 1997 and 1998, Mr. Agajanian
estimated that Menards’s total media exposure value from its
involvement with TMI was $16,914,000 for 1997 and $7,036,000 for
1998. Mr. Agajanian attributed the difference between Menards’s
exposure values for 1997 and 1998 to Menards’s having more wins
and leading more laps in 1997.
In addition to television exposure, Mr. Agajanian’s report
discussed another factor affecting sponsorship values, the
market-driven nature of sponsorship pricing. He explained that
winning or leading cars gain “millions of dollars of exposure”
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