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| Philippe Krakowsky |
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Organically, IPG suffered a 2.9 percent drop in revenues as it heads for a merger into Omnicom.
The specialized communications services group (Weber Shandwick, Golin, DeVries Global, Current Global and IPG DXTRA Health) reported a 6.8 percent plunge in Q3 revenues to $600M. Segment EBITA dropped to 24.2 percent to $59.4M.
In the US, the SC&E operation posted a 10.7 percent dip in Q3 revenues to $413M. It was up 2.7 percent internationally.
On a nine-month basis, the communications group was down 2.7 percent to $1.8B. EBITA dipped 14.8 percent to $150M.
Team Krakowsky took a Q3 $129.5M severance and termination charge to cover the firing of about 800 workers. The nine-month charge tallied $450.8M.
IPG shareholders will own a 39.4 percent stake in the bulked-up Omnicom.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
