News: Interpublic buys True North
The Interpublic Group of Companies has replaced WPP as the world's largest advertising holding company.
Interpublic Group of Companies replaces WPP as the world's largest advertising holding company.NewsInterpublic buys True North
Interpublic acquires rival True North for $2.1 billion in stock. Together, the two companies reported revenues of $7.2 billion in 2000. The acquisition is expected to provide cost savings of about $25 million. True North had been looking for a buyer after its FCB Worldwide agency lost Chrysler, the auto company, as a customer. As a result, True North's sales fell by about 9 percent.
WPP Coordinates Media UnitsThe British advertising holding company WPP has founded a new subsidiary called The Channel, which is to serve as a coordination point between its media agencies. Since its acquisition of Young & Rubicam, WPP has owned two complete international media networks, Mindshare and Media Edge. WPP refrained from a merger in order to avoid client conflicts. Through The Channel, however, the agencies are now to communicate better with each other.
WCRS strengthens the CNN brand
London-based advertising agency WCRS has been commissioned by CNN with an international branding campaign. The budget is estimated at over 50 million Swiss francs and covers Europe, the Middle East, Africa, Asia and Latin America. CNN has so far limited itself to campaigns in regional markets. WCRS, a Havas agency, had already won the European launch budget for the CNN website last August.
MediaCom wins Glaxo SmithKlineThe pharmaceutical group Glaxo SmithKline consolidates its media buying with MediaCom. The media subsidiary of Grey Global Group beat out The Media Edge, Media Direct Partners and Media Planning. All pitch participants had handled a portion of the now combined $600 million media buy prior to the merger of Glaxo Wellcome and Smithkline Beecham.
Interpublic acquires rival True North for $2.1 billion in stock. Together, the two companies reported revenues of $7.2 billion in 2000. The acquisition is expected to provide cost savings of about $25 million. True North had been looking for a buyer after its FCB Worldwide agency lost Chrysler, the auto company, as a customer. As a result, True North's sales fell by about 9 percent.
WPP Coordinates Media UnitsThe British advertising holding company WPP has founded a new subsidiary called The Channel, which is to serve as a coordination point between its media agencies. Since its acquisition of Young & Rubicam, WPP has owned two complete international media networks, Mindshare and Media Edge. WPP refrained from a merger in order to avoid client conflicts. Through The Channel, however, the agencies are now to communicate better with each other.
WCRS strengthens the CNN brand
London-based advertising agency WCRS has been commissioned by CNN with an international branding campaign. The budget is estimated at over 50 million Swiss francs and covers Europe, the Middle East, Africa, Asia and Latin America. CNN has so far limited itself to campaigns in regional markets. WCRS, a Havas agency, had already won the European launch budget for the CNN website last August.
MediaCom wins Glaxo SmithKlineThe pharmaceutical group Glaxo SmithKline consolidates its media buying with MediaCom. The media subsidiary of Grey Global Group beat out The Media Edge, Media Direct Partners and Media Planning. All pitch participants had handled a portion of the now combined $600 million media buy prior to the merger of Glaxo Wellcome and Smithkline Beecham.
