Despite the obvious misconception that underlies advertising equivalency, it's a myth that doesn't want to go away. Some public relations or marketing agencies even have devised formulas to impress their clients, taking AVE to the next absurd level. They apply a multiplier, calculating that if A represents the cost of advertising time or space in the media, as publicity it must be worth A*B. For example, they calculate the value of publicity as being four times the cost of advertising. Or ten times. They can calculate it however they want. It's still just an arbitrary weighting scheme that is all smoke and mirrors.
The institute for public Relations points to two major shortcomings with AVE