Brighthouse Attempts Buyback

Joey Reiman has apparently had another bright idea. And it does not include Omnicom.
Sources said the ’80s adman turned ’90s idea man is negotiating to buy back his “Ideation Corporation” Brighthouse from parent Omnicom.
Sources close to Brighthouse initially confirmed the deal was done Feb. 1, but by Friday backed away from that claim, saying details were being finessed.
“We don’t comment on rumors,” said Omnicom’s Pat Sloan. A Brighthouse representative said a statement will be released this week.
The relationship between Reiman and Omnicom is an evolution of acquisitions. In the early ’90s, British shop GGT bought Atlanta’s Babbit & Reiman. GGT was then acquired by TBWA Worldwide, which in turn was purchased by Omnicom. When Reiman and partner Joel Babbitt split, The Joey Reiman Agency and then Brighthouse remained part of Omnicom.
One agency observer speculated Omnicom was making Reiman pay dearly for his freedom, holding up the deal.
“I think he’s a tidy little profit center for [Omnicom],” said Rick Myers, president of Atlanta search firm Talent Zoo. “But [Brighthouse] won’t profit from the resources a holding company and the agency networks provide, because all they do is come up with the ideas.
“To me, there’s no reason they’d want to unload him,” Myers continued. “Joey probably wants to pay Joey and not Omnicom. But Omnicom is nothing but hard-core business guys and you can bet they’re going to make him pay.”