May 09, 2014 at 02:31 PM
written by Staff

Publicis, Omnicom Call Off Monster Merger

The planned $35 billion merger of two of advertising's biggest players, Publicis and Omnicom, has been terminated as a result of what both parties are calling "difficulties in completing the transaction within a reasonable timeframe." The merger, announced last July, would have created the world's largest ad holding company, while at the same time, in theory, consolidating billions in sponsorship buying power under one roof.

In a joint statement, Maurice Lévy, Chairman and Chief Executive Officer of Publicis Groupe, and John Wren, President and Chief Executive Officer of Omnicom Group, stated: "The challenges that still remained to be overcome, in addition to the slow pace of progress, created a level of uncertainty detrimental to the interests of both groups and their employees, clients and shareholders. We have thus jointly decided to proceed along our independent paths. We, of course, remain competitors, but maintain a great respect for one another."