Peter Arnell, founder, chairman and chief executive of New York shop AG Worldwide, is buying back the 55% stake in the agency he sold to Draft Worldwide in Chicago only fourteen months ago. Terms have not been disclosed
“Honestly, it wasn’t right for me,” declared Arnell, whose shop will resume using its previous name, Arnell Group. The original deal caused raised eyebrows when announced in March 2000, since the New York agency is a creative specialist whereas Draft focuses on direct marketing.
In a connected deal, Draft is purchasing for an undisclosed sum Arnell’s extant holding in AG’s internet arm Surge Interactive, which henceforth becomes part of the Chicago network’s online unit Draft Digital.
“We remain friends and will seek out opportunities together in the future,” commented Draft’s president/worldwide chief operating officer Jordan H Rednor. “But it’s in everybody’s best interests to stay focused on what each of us wants.”
News source: New York Times