WPP deal to acquire Y&R valued at $4.7B

Article Abstract:

The WPP Group of the UK has agreed to acquire Young & Rubicam (Y&R), creating the world's biggest advertising/communications holding company with annual revenues of $5.2 billion. Y&R, which had 1999 revenue of $1.7 billion and net income of $167 million, lists Colgate-Palmolive, Citibank and ford Motor among its clients. Martin Sorrell, head of the WPP Group, said the deal may trigger another round of consolidation in the industry.

Young & Rubicam Inc.

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RJR Nabisco to split food from tobacco

Article Abstract:

RJR Nabisco will get out of the tobacco business to focus on its food business. The company, which was created from the merger of Nabisco and RJ Reynolds Tobacco, will sell its overseas tobacco business to Japan Tobacco for $8 billion and will spin off its US tobacco operation. The spinoff was announced just days before a deadline for a proxy fight comes. Minority shareholder Carl Icahn had threatened to launch a proxy battle if the company did not divest its tobacco holdings.

Japan, Foreign operations, Tobacco Products, Tobacco Manufacturing, RJR Nabisco Inc., Japan Tobacco Inc.

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Olympics group hires ad agency

Article Abstract:

TBWA/Chiat Day Inc has been awarded a promotional contract by the International Olympic Committee (IOC). IOC marketing dir Michael Payne acknowledged that their image needs to be improved in view of last year's bribery scandal. Payne, however, said that the image of the actual Olympic games has not been tarnished. The advertising campaign is intended to build up support to next year's Sydney Olympics.

Contracts & orders received, TBWA/Chiat Day Inc.

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