Last summer, two enormous advertising companies, Omnicom and Publicis, announced that they'd be merging to form the world's most enormous advertising company. Yesterday, they announced the deal is off. Why? Because these companies are essentially kindergarteners.
Publicis and Omnicom, two staggeringly huge conglomerates of advertising and PR agencies, are combining into one even more staggeringly huge conglomerate, as we march towards a bright future in which one ad company sells all ads to one media company, which controls all entertainment.
Remember when mega ad agency Omnicom announced it planned to lay off 3,500 employees? That was a full three weeks ago, but there's much better news to report today, at least if you happen to be John Wren, the agency's CEO: He collected another $25 million in Omnicom stock just ten days after announcing the layoffs.…
Massive advertising/ PR/ marketing conglomerate Omnicom (the most appropriately sinister name in the industry, btw) leaked word yesterday that they're planning on laying off 5% of their workforce, about 3,500 people. And now the axe is swinging—we hear that 200 staffers were just laid off at ad agency BBDO. "They have…
• Chuck Todd has been named NBC's chief White House correspondent. [HP]
• The TV Guide channel has been sold for $300 million. [NYT]
• Both Doubleday and Crown's Broadway imprint laid off staff today. [NYT]
• More on the cost cuts planned at Random House. [NYO]
• Omnicom is cutting 5 percent of its work force, or…
The International Monetary Fund says the mortgage mess is "the biggest financial crisis in the United States since the Great Depression," which means one thing for John Wren, CEO of ad-holding giant Omnicom: acquisition prices for companies in the advertising industry are low, and it's time to get shopping. Wren …
2007 was supposed to be the start of an advertising-industry downturn. But growth in agency revenues slowed from 8.8 percent in 2006 to 8.6 percent growth in 2007, according to AdAge's annual survey, and it's large part due to ever-increasing digital spends. The world's four largest agencies — Omnicom Group, WPP…
Omnicom CEO John Wren told media in Palm Beach that ad spending is "holding up well enough. We haven't seen erosion in clients." But apparently doing "well enough" isn't enough for Omnicom to pay employees their usual bonuses. Wren said ad agency would cut into bonuses, rather than lay off employees. Layoffs or…
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