Market Chatter: Omnicom Group to Cut 4,000 Jobs After Interpublic Acquisition

MT Newswires Live12-01

Omnicom Group (OMC) plans to cut over 4,000 jobs and shut down several notable advertising brands as part of an immediate restructuring after the closing of its $13 billion acquisition of Interpublic (IPG), the Financial Times reported Monday, citing an interview with company executives.

The layoffs will be mainly in administrative roles but will include some leadership positions as well, Omnicom CEO John Wren told the Times.

Creative agency DDB and creative marketing agency MullenLowe, which are among the industry's most historic names, will be folded into Omnicom's TBWA, the report said.

Omnicom and Interpublic did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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