 |
Omnicom chief John Wren reported a 9.3 percent tumble in Q4 revenues to $3.8B as the COVID-19 pandemic took a toll on its business. Organic growth dipped 4.9%, to $614.7M.
The PR group (Marina Maher Communications, Portland, FleishmanHillard, Cone, Porter Novelli, Mercury and Ketchum) posted a 1.9 percent drop in reported revenue to $351M and a 5.6 percent decline for the full year to $1.3B.
It was the only unit to post positive Q4 organic growth, +0.2 percent.
Advertising dropped 9.7 percent, CRM consumer experience plunged 15.8 percent, CRM executive & support fell 13.7 percent and healthcare slipped 2.0 percent.
Omnicom reported organic declines across all regions. The US was down 9.4 percent; UK, 12.4 percent; Europe, 9.2 percent; Asia Pacific, 3.9 percent; and Middle East & Africa, 36.8 percent.
Wren expects Omnicom revenues will decline through the first half of 2021.
He warns, "such reductions in revenue could adversely impact our ongoing results of operations and financial position, and the effects could be material."
Prosek handles GTCR’s announcement of the $24B sale of Worldpay, payments technology company, to Global Payments.
C Street Advisory Group handles the Chapter 11 of Publishers Clearing House as the home of the iconic “prize patrol” sheds its direct mail and magazine subscription businesses.
C Street Advisory Group handles Hooters of America as it declares Chapter 11 to pave way for a buyout led by founders of the casual dining chain.
Joele Frank works for Rocket Companies, fintech platform, that is acquiring Mr. Cooper Group, the No. 1 mortgage services provider, in a $9.4B equity deal. 
Reevemark is working the Chapter 11 filing of 23andMe, the former high-flying ancestry testing kit company that failed to rebound from a 2023 data breach that exposed the personal information of nearly 7M customers.
Have a comment? Send it to
No comments have been submitted for this story yet.