BOSTON - Arnold Fortuna Lawner & Cabot chairman Ed Eskandarian must have been wearing his track shoes last week. Even as billings losses at Hawley Martin Partners forced him to renegotiate his purchase of the Richmond agency, he was also shuttling 90 miles north to McLean, Va., where he was putting the finishing touches on a deal to buy DDB/Needham's struggling D.C. office. The estimated $2-million billings loss at Hawley Martin Partners was unforeseeable but came only a week after forming a final agreement with Eskandarian. Eskandarian met DDB President John Bernbach and D.C. office president Joe Landy to seal the deal last Wednesday. Terms of the deal were not disclosed, but clients had been notified and reportedly approved the merger unanimously. All DDB Needham employees will remain with the new agency. The deal is expected to close late this week.
Copyright Adweek L.P. (1993)