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Omnicom today reported a 4.4 percent slide in first-quarter revenues to $3.5B, slippage that CEO John Wren blames on negative foreign currency rate comparisons and divestitures.
Net income was flat at $263.2M.
On a regional basis, OMC's US revenues decreased 0.2 percent to $1.9B. Europe was down 14.8 percent to $606.8M, UK fell 5.4 percent to $338.7M and Asia/Pacific tanked 6.6 percent to $366.2M.
The PR group, which includes FleishmanHillard, Porter Novelli, Ketchum, Portland, Cone and Marina Maher Communications, fell 3.5 percent to $334.2M and 0.5 percent organically.
Teneo is handling the initial public offering of CVC Capital Partners, one of Europe’s largest private equity firms with nearly $200B in assets under management.
Brunswick Group represents Endeavor Group Holdings as it agrees to go private via its acquisition by Silver Lake technology investment firm, which is handled by Edelman Smithfield.
Tod Donhauser, a nine-year veteran of Edelman, has joined H/Advisors Abernathy as managing director and head of its San Francisco office.
Intelligent Group Ltd, a Hong Kong-based financial PR firm, has priced its initial public offering of 1.9M shares at $4, which is the low end of the $4 to $5 range.
Kekst CNC represents Grant Thornton as it sells a majority stake in its US arm to New Mountain Capital, which relies on Goldin Solutions, in what is billed as the largest PE investment in the accounting and advisory sector.
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