Publicis, Omnicom set for $35b merger to form world’s largest advertising holding company
UPDATED – READ THE OFFICIAL PRESS RELEASE
The Wall Street Journal reports that Omnicom and Publicis, the world’s second- and third-biggest advertising companies, have agreed to merge, creating what would be a $35 billion behemoth.
The boards of both companies have approved the deal which is expected to be announced today in Paris, where Publicis is based. Publicis has scheduled a news conference for 9am Paris time today for a “major corporate announcement.”
The deal will be billed as a merger of equals: each company has a market capitalization of about $16 billion. Omnicom Chief Executive John Wren (above right) and Publicis CEO Maurice Levy (above left) are expected to be co-CEOs of the combined company. READ MORE…
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It still needs to be approved by the EU and pass anti-trust scrutiny.