PP Group completed its purchase of Grey Global Group earlier this month. The closing marks the end of independence for Madison Avenue�s last remaining big independent. WPP bought Grey for a package of $1.75 billion in cash and stock worth $1,154 for each Grey share. Grey�s chairman and president-CEO, Ed Meyer, will continue as head of WPP�s Grey Global unit.
With this acquisition, Grey�s flagship ad agency, Grey Worldwide, became the fourth WPP major agency network, along with JWT, Ogilvy & Mather and Y&R.; WPP also operates a smaller network, Red Cell. Procter & Gamble, Grey Global�s top client and the world�s largest advertiser (according to AdAge), will become one of WPP�s Top 10 clients based on revenue. Other key marketers employing Grey include GlaxoSmithKline, Nokia, BellSouth and Kmart Holding (which is buying an important WPP client, Sears, Roebuck & Co).
... more