In case you didn’t hear the news, after reportedly a month or so of discussion, it’s now official that Korean holding company Cheil has acquired Durham, NC stalwart McKinney, which of course we all recently remember from the premiere episode of AMC’s The Pitch. As a result of the Cheil deal, McKinney’s four years of independence comes to an end (the agency was previously owned by Havas). But despite having a parent company yet again, McKinney’s name, leadership (including CEO Brad Brinegar) and its NC headquarters remains intact.
So why sell now? In a statement, Brinegar says, “After four years of charting our own course and producing unprecedented results for our clients, we couldn’t pass up this golden opportunity to be better, bigger, faster. Cheil’s enthusiasm for McKinney’s independent spirit and the opportunity to help write the future of the global network sealed the deal. Though we’re from different parts of the world, we share the language of success — ‘tuhon,’ the relentless drive to achieve extraordinary results despite all obstacles.”
McKinney will now join the Cheil Americas unit, which of course also includes The Barbarian Group and is led by CEO Buz Sawyer. According to The New York Times, the Cheil-McKinney deal is estimated at $50 million. Read the trade’s full report here.