Omnicom will cut more than 4,000 jobs and shut several well known advertising agency brands as part of an immediate restructuring following the completion of its $13bn takeover of US rival Interpublic (IPG).
The deal has turned Omnicom into the world’s largest advertising agency by revenue, leapfrogging France’s Publicis and pushing WPP into third place, re-centring the advertising industry around the “Mad Men” of New York’s Manhattan.
The combination of Omnicom and IPG — which collectively run dozens of agencies — will result in the closure of some of the industry’s most historic names.
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