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| Mark Read |
WPP chief Mark Read is selling a 49.99 percent stake to management of the revamped Finsbury Glover Hering, which will launch early next year with nearly 700 staffers in 18 countries.
FGH is a mash-up of Finsbury, Glover Park Group and Hering Schuppener, which had a strategic partnership in place.
Roland Rudd and Carter Eskew, founders of Finsbury and GPG, respectively, will co-chair the new firm that Alexander Geiser, managing partner of HS, will helm.
Read said the corporate revamp fits WPP's plan to simplify and integrate operations.
He will sit on the board of FGH, which he predicted would be a "global powerhouse in strategic communications."
Based in New York, FGH will have offices in Washington, Los Angeles, London, Dublin, Brussels, Berlin, Moscow, Dubai, Riyadh, Shanghai, Hong Kong, Beijing, Singapore and Tokyo.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
Why M&A activity in the PR and marketing sector could pick up in 2024.
WPP reported Q4 revenues inched ahead 0.3 percent to $4.1B as CEO Mark Read wrapped up a year that he said was more challenging than expected due to cutbacks, mainly by technology clients.
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