Omnicom OMC and
The boards of both companies have approved the deal, the people said, which is expected to be announced Sunday in Paris, where Publicis is based. Publicis scheduled a news conference for 2 p.m. on Sunday for a "major corporate announcement."
We told you about the merger talks yesterday.
Omnicom CEO John Wren and Publicis CEO Maurice Levy are expected to be co-CEOs, although Levy is nearing retirement. They've even picked a new name, the WSJ said: Publicis Omnicom Groupe. (Note the French "e" at the end. It will be interesting to see if that "e" survives in the long term.)
The combined entity would have $23 billion in revenues — far eclipsing WPP, the current largest agency holding company. It would also have lots and lost of client conflicts, most obviously Pepsi and Coke.
Publicis has sent out a press release for an 8 a.m. conference, Eastern Time. Here's the text:
I would like to invite you to a very important press briefing tomorrow, Sunday July 28 - at 2.00pm CET (8.00am ET) at Publicis Groupe for a major corporate announcement.
We encourage you to attend to hear from the principals in person and participate in a Q&A session.
Please let me know by email if you will be able to attend.
If you can’t attend in person, please use the dial in number below.
Location: Publicis Groupe building, 30 rue Vernet, 75008 Paris