NEW YORK–The Lord Group, a 50-50 joint venture of Young & Rubicam and Dentsu, is being sold to Spier New York, an agency that specializes in book advertising, sources said. The cash deal is said to be for less than $1 million, with Y&R/Dentsu getting a percentage of the agency’s revenue annually for several years, according to sources. Lord Group, which has seen its billings shrink to less than $50 million following the losses of Sports Authority, Key Bank, the Wiz and Verizon Communications, will retain its name and management but share back-office operations, said sources. Lord Group CEO Roger Chiocchi declined comment and Spier executives could not be reached.
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