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A Court Dismisses TN’s Claim vs. Publicis
CHICAGO–A London arbitration court has denied True North Communications’ request for $106 million in damages on the claim it got unfair share-exchange value when Publicis S.A. merged with Publicis Communications in December 1998. The ruling by the International Arbi-tration Court stems from the long-running feud between Publicis, Paris, and TN, Chicago, whose eight-year partnership ended in 1997. Publicis is the largest shareholder of TN, with about 11 percent of outstanding shares.
A J.J. Jordan to Leave JWT to Open Shop
NEW YORK–J. Walter Thompson worldwide creative director J.J. Jordan is opening his own agency, Branding Iron, which will be based in Irvington, N.Y. “It has been a long-held goal of mine to help create an agency,” Jordan said, adding, “I’d like our motto to be: smarter, faster and fun.” Jordan, 40, one of 15 worldwide creative directors, most recently worked on Warner-Lambert and Kimberly-Clark.
A Agency Stocks Slide, Then Rebound
NEW YORK–After a seemingly inexplicable swoon, stock prices for Omnicom Group, WPP Group and Young & Rubicam Inc. rebounded Friday, although WPP’s stock, which closed at $84 a share, remained below its level earlier in the week. Thursday’s downturn was particularly surprising, considering that on the same day, WPP reported year-end revenues were up 13 percent from 1998 and net new billings had risen 35 percent, to $3.9 billion. That day, its stock dipped nearly 9 points to 82 1/8, while Y&R’s dropped almost 5 points to 46 3/4 and Omnicom’s fell more than 5 points to 84 3/4. On Friday, Y&R closed up at 50 7/16 and Omnicom at 89 1/8, prompting one observer, Alan Gottesman of West End Consulting, New York, to quip, “The stocks are staging a President’s Day sale!”
A J.C. Penney Sets Review Schedule
DALLAS–J.C. Penney has told shops competing for its $100-300 million account to keep their schedules clear March 1-3 and March 22-24. The first meetings will be “strategy checks” with the Dallas-based client, while the second will be formal presentations, sources said. Both rounds will be held in New York; the presentation order has not been determined. FCB Worldwide, Chicago, and BBDO Worldwide, DDB Worldwide, McCann-Erickson Worldwide and Saatchi & Saatchi, all in New York, are in the running.
A Account Activity
BBDO, New York, won ad duties for Netpliance, formerly handled by McGarrah/Jessee. The client kicked off a $15 million campaign this year with a Super Bowl spot created by its Austin, Texas-based agency. Spending could increase significantly, said a source. Citing conflicts, Crispin Porter & Bogusky, Miami, withdrew from the Long John Silver’s review. Campbell Mithun Esty and Fallon McElligott, both Minneapolis; Campbell-Ewald, Warren, Mich.; Temerlin McClain, Irving, Texas; and Italia/Gal, Los Angeles, are vying for the $35 million creative account. No Nonsense is in the last stages of a review for its long-dormant account. Finalists The Martin Agency, Richmond, Va., and McKinney & Silver, Raleigh, N.C., are pitching the panty-hose maker, sources said.