Omnicom Group Inc. has agreed to buy Interpublic Group in a deal that will create the world’s largest advertising company.
A person jumps over a rain puddle as people cross the street in Times Square, Thursday, Nov. 21, 2024 in New York.Under the terms of the agreement announced Monday, Interpublic shareholders will receive 0.344 Omnicom shares for each share of Interpublic common stock they own. Based on Omnicom’s closing share price Friday of $103.427, that values the deal at $35.58 a share, or $13.3 billion excluding debt, according to Bloomberg calculations.
The largest media holding companies are facing pressure from Alphabet Inc.’s Google, Meta Platforms Inc. and other Silicon Valley players, as well as generative artificial intelligence, which many experts believe could replace much of the creative work agencies provide.
The deal will create a company with combined annual revenue of more than $25 billion, based on 2023 earnings. That would be comfortably above the roughly £14.9 billion generated last year by London-based WPP Plc, currently the market leader. Led by Chief Executive Officer John Wren, Omnicom serves more than 5,000 clients in over 70 countries, according to its website. Its network of agencies includes BBDO, DDB and TBWA. Interpublic is run by CEO Philippe Krakowsky and has about 55,000 employees, its website shows.Wren will remain chairman & CEO of Omnicom and Krakowsky will join as co-president of Omnicom and join the company’s board, according to the statement.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
These Retail Stocks Benefitted the Most From Record-Setting Black FridayStocks Analysis by ValueWalk (Dave Kovaleski) covering: Amazon.com Inc, Walmart Inc, Bath & Body Works Inc., Best Buy Co Inc. Read ValueWalk (Dave Kovaleski)'s latest article on Investing.com
Read more »
'I would know': Adani Group CFO says no bribery carried out by group executives'I would know': Adani Group CFO says no bribery carried out by group executives
Read more »
3 Undervalued Stocks With 20%+ Upside to Keep on Your Radar for 2025 and BeyondStocks Analysis by Investing.com (Jesse Cohen) covering: Block Inc, Endeavor Group Holdings Inc, Kyndryl Holdings Inc. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
5 Mid-Cap Movers Set to Benefit Greatly From Trump 2.0Stocks Analysis by Investing.com (Jesse Cohen) covering: Columbia Banking System Inc, Tutor Perini Corporation, Ovintiv Inc, Atkore International Group Inc. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
Earnings roundup: Xpel, TaskUs profit up; Alamo Group posts dropThis week’s roundup of recent quarterly financial reports includes a few of our San Antonio Seven companies — Alamo Group Inc., Xpel Inc. and TaskUs Inc.
Read more »
Texas sues investment firms for manipulating electric marketsBlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting...
Read more »