Omnicom’s New York-headquartered unit, BBDO Worldwide, has bought a controlling 50.1% interest in South Korea’s thirteenth largest agency, Seoul-based Dongbang Communications, owned by cosmetics manufacturer Pacific Group. Dongbang claims around $80 million in total billings.
The agency duo already share two mutual clients – Visa and DaimlerChrysler – while a number of BBDO Worldwide’s clients elsewhere also have a presence in South Korea via rival local agencies.
BBDO/Dongbang, as the combined shop is now known, believes its enhanced capabilities will tempt a number of these clients into its outstretched arms: “We'll probably persuade them to switch agencies in the near future," said a confident spoke.
Locally based managers will run the new agency and BBDO says it has no plans to export management from its other units. The terms of the deal were not disclosed.
News source: Advertising Age - International Daily