Dentsu profits cut as it acquires US agency

TOKYO - Japan's largest advertising group Dentsu has cut its full-year profits outlook by 19.5% and is acquiring independent US ad agency McGarry Bowen.

Dentsu has reduced its expectations for operating profit for the year to March 31 2009 from Y56.3bn (£373m) to Y46.3bn.

It also reported a 17.5% drop in operating profit for the July to September quarter to Y13.1bn.

The company is expanding its overseas presence with the acquisition of six-year old New York and Chicago full service agency McGarry Bowen for an undisclosed sum.

Tim Andree, president and chief executive of Dentsu Holdings USA, said: "We are thrilled to be able to offer Dentsu's vast global resources to McGarry Bowen, its management team and its formidable roster of clients."

The agency's clients include Kraft, Disney and HP and News Corp.

Dentsu's overseas interests include London ad agency CDP (which will be rebranded Dentsu in the new year) and US and UK-based design agency Attik.

You have

[DAYS_LEFT] Days left

of your free trial

Subscribe now

Become a member of Campaign from just £46 a quarter

Get the very latest news and insight from Campaign with unrestricted access to campaignlive.co.uk ,plus get exclusive discounts to Campaign events

Become a member

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Share

1 Why creative people have lost their way

What better way to kick off the inaugural issue of Campaign's monthly print offering than with another think piece on the current failings of our industry, written by an embittered, pretentious creative who misses "the way things used to be"...

Share

1 Job description: Digital marketing executive

Digital marketing executives oversee the online marketing strategy for their organisation. They plan and execute digital (including email) marketing campaigns and design, maintain and supply content for the organisation's website(s).