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Omnicom’s PR units suffered a 8.6 percent decline in Q2 revenues to $372.9M.
Chris Foster’s PR group, which includes Portland, Mercury, Marina Maher Communications, Porter Novelli, Ketchum and FleishmanHillard, posted a 9.3 percent plunge in organic revenues.
For the first half, PR revenues declined 7.1 percent to $735.6 and 7.0 percent on an organic basis.
CEO John Wren highlighted OMC’s “solid 3.0 percent organic revenue growth this quarter even in the face of ongoing macroeconomic and geopolitical uncertainty—underscoring once again the resilience and agility of our business.”
He is eager to complete the "transformational acquisition” later this year and is “more optimistic than ever about the significant growth opportunities this strategic transaction will create for our people, clients, and shareholders.”
During Q2, OMC posted a 4 percent boost in revenues to $4B and a 21.5 percent drop in net income to $257.6M.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a committment from Koch Equity Development to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
Joele Frank handles C.H. Robinson Worldwide as the freight transportation company acquires RXO Inc. in a stock and cash transaction pegged at $5.8B to create a company with an enterprise value of more than $25B.
