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A $35 billion merger deal between two advertising industry giants has fallen apart, according to multiple media reports Thursday.
New York-based Omnicom Groupe and Paris-based Publicis have called off their plans to create the world's biggest advertising company by revenue, say the Wall Street Journal, the New York Times and the Financial Times, citing unnamed people familiar with the matter.
The companies have not yet officially confirmed their merger is dead. But various reports say the deal announced last July was done in by a combination of management clashes, regulatory challenges and unresolved tax issues.
Last year, the Omnicom-Publicis plan was billed as a merger of equals. The company was to be called Publicis Omnicom Group, led by Omnicom CEO John Wren and Publicis CEO Maurice Levy. They were to be co-chief executives.
Omnicom's agencies include BBDO, TBWA and DDB. Publicis owns Leo Burnett and Saatchi & Saatchi.
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Posted by Unknown on Thursday, May 8, 2014 - Rating: 4.5
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