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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.