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| John Wren |
Omnicom reports a 4.0 rise in Q3 revenues to $4B and an 11.7 drop in operating income to $530M. Organically, OMC was up 2.6 percent.
Noting that OMC is closing the Interpublic deal next month, CEO John Wren claims the firm is “already seeing strong momentum with significant new business wins across both companies, underscoring the compelling opportunities this acquisition creates.”
The merger “will enhance the ability to deliver revenue growth, operate with greater efficiency, and generate healthy free cash flow, and only strengthen our confidence in the future – for our clients, our people and for long-term shareholder value,” he added.
Chris Foster’s PR group, which includes Portland, Mercury, Marina Maher Communications, Porter Novelli, Ketchum and FleishmanHillard, posted a 6.6 percent decline in revenues to $377.2M. It was off 7.5 percent on an organic basis.
For the nine-month period, the PR unit suffered a 6.9 drop in reported revenues to $1.1B. It was down 7.2 percent organically.,
IPG CEO Philippe Krakowsky plans to release the firm’s Q3 financials on or around Nov. 10. There will be no analyst call to discuss the results.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
Haggie Partners is working the $7B takeover of the specialty insurer Convex by Canada’s Onex private equity fund and American International Group.
WPP reported Q3 revenues less pass-through costs tumbled 5.9 percent to $3.3B, a performance new CEO Cindy Rose called “unacceptable.”
