Omnicom OMC and Publicis Groupe SA, the world's second- and third-biggest advertising companies, have agreed to merge, creating what would be a $35 billion behemoth, people familiar with the situation said.
The boards of both companies have approved the deal, the people said, which is expected to be announced Sunday in Paris, where Publicis is based. Publicis scheduled a news conference for 2 p.m. on Sunday for a "major corporate announcement."
We told you about the merger talks Friday.
Omnicom CEO John Wren and Publicis CEO Maurice Levy are expected to be co-CEOs, although Levy is nearing retirement. They've even picked a new name, the WSJ said: Publicis Omnicom Groupe. (Note the French "e" at the end. It will be interesting to see if that "e" survives in the long term.)
The combined entity would have $23 billion in revenues — far eclipsing WPP, the current largest agency holding company. It would also have lots and lost of client conflicts, most obviously Pepsi and Coke.
OmnicomPublicis has sent out a press release for an 8 a.m. conference, Eastern Time. Here's the text:
I would like to invite you to a very important press briefing tomorrow, Sunday July 28 - at 2.00pm CET (8.00am ET) at Publicis Groupe for a major corporate announcement.
We encourage you to attend to hear from the principals in person and participate in a Q&A session.
Please let me know by email if you will be able to attend.
If you can’t attend in person, please use the dial in number below.
Location: Publicis Groupe building, 30 rue Vernet, 75008 Paris
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