Omnicom Group CEO John Wren is the latest ad executive to say that not all the money that was held back in the “upfront” market will be returning to TV networks in the form of “scatter” buys, when ad time is purchased closer to air dates.
The companies issued a joint statement late Thursday saying they mutually agreed to call off the $35 billion deal that would have created the world’s largest advertising agency because they were not able to complete the merger in a reasonable time frame.
The combined company will be called Publicis Omnicom Group and be jointly led by Omnicom CEO John Wren and Publicis CEO Maurice Levy as co-chief executives. Omnicom Group Inc., based in New York, owns BBDO Worldwide, DDB Worldwide Communications Group and TBWA Worldwide, among other agencies. Paris-based Publicis Groupe SA runs its namesake agency as well as Leo Burnett Worldwide, Saatchi & Saatchi and DigitasLBi. Their merger creates a company with combined annual revenue of about $23 billion, leapfrogging it over current London-based industry leader WPP PLC.