Direct-response network Grizzard Communications Group is to be bought from New York’s Marketing Services Groupby Omnicom Group for $91.3 million in cash.
Grizzard – with estimated revenues of $100m and a workforce of 710 – will become an autonomous division of Omnicom’s Diversified Agency Services, while Chip Grizzard stays on as president and general manager. In addition to its Atlanta headquarters, Grizzard has offices in: Dallas; Lincoln, Nebraska; Houston; Chicago; Orlando, Florida; Los Angeles; and Stamford, Connecticut.
The sale wipes out MSG’s long-term debt, with $25m in cash to spare.
News source: New York Times