CIA Group set to buy GGT’s Media Solutions stake
By CLAIRE BEALE, campaignlive.co.uk, Friday, 30 January 1998 12:00AM
CIA Group is set to buy out BDDP GGT’s stake in its joint venture media company, Media Solutions, following Omnicom’s proposed acquisition of the creative agency this week.
CIA Group is set to buy out BDDP GGT’s stake in its joint venture
media company, Media Solutions, following Omnicom’s proposed acquisition
of the creative agency this week.
CIA has first option to acquire the 49 per cent of Media Solutions held
by BDDP GGT and would use it to create a wholly owned, second-string
Omnicom is unlikely to want to retain its stake in the joint venture
since it does not fit with its UK media strategy. Omnicom already has
three UK media brands - BMP Optimum, Manning Gottlieb Media and an
interest in New PHD.
A Media Solutions management buyout of the BDDP GGT stake has been
mooted but now seems unlikely, although CIA’s plans to take full control
are thought to include greater empowerment of the Media Solutions
Media Solutions was set up as a joint venture between CIA and GGT in
1994, although the brand already existed in Manchester as a joint
venture with GGT’s BDH agency. Its London and Manchester offices have
combined billings of more than pounds 85 million.
Relations between Media Solutions and BDDP GGT are said to have become
increasingly strained over the past year and around 80 per cent of Media
Solutions’ business is now independent of its creative agency
Mike Elms, the UK chief executive of CIA Group, declined to comment on
rumours of a buyout.
’We are pleased that BDDP GGT has found itself a secure home and we look
forward to seeing what Omnicom’s plans are for the media operation,’ he
This article was first published on campaignlive.co.uk
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