The top of the advertising world got even smaller yesterday as Interpublic Group of Companies announced its intention to acquire True North Communications for $2.1 billion in stock.
The deal creates the largest advertising network in the world with $7.2 billion in annual revenues. It also establishes what could be the world’s largest promotion agency network with more than $350 million in net revenues and well over $1 billion in annual billings.
True North has aligned most if its promotion holdings into Wilton, CT-based Marketing Drive Worldwide (which underwent a restructuring of the top ranks earlier this year that resulted in the departures of executives Wes Bray, Mickey Goodman, and Mickey Jardon). IPG’s interests are more scattered, but reside primarily in Chicago-based DraftWorldwide and St. Louis-based Momentum.
