Japanese agency group Hakuhodo is expanding its presence in the US by buying into New York shop McCaffery Ratner Gottlieb & Lane.

Hakuhodo – the 8th largest agency group in the world by revenue in 2002 (according to Ad Age) and the second largest in Japan – has purchased a 49% stake in MRGL for an undisclosed sum.

The New York agency's managing partners Jerry Gottlieb and William McCaffery will become chairman/ceo and president respectively, and will be joined on a Tokyo-based management committee by Hakuhodo general manager Haruhiko Jitsukawa. The shop will, however, retain its name.

Data sourced from: New York Times; additional content by WARC staff