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Agency.com Files for IPO
NEW YORK--Agency.com last week filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of up to $75 million of its common stock, as expected. Goldman, Sachs & Co. will act as lead underwriter; Salomon Smith Barney is co-lead manager, and the other underwriter will be Salomon & Quist. Founded in January 1995, Agency.com is part of Omnicom's Communicade group of interactive agencies; the holding company owns nearly 50 percent. Agency.com's clients include 3M, British Airways, Compaq, DirecTV, Gucci, Sprint and Texaco.
Sorrell Compensation Package Is Approved
NEW YORK--WPP Group's shareholders have approved an incentive pay package that could reward CEO Martin Sorrell and other top executives with a combined $100 million bonus after five years if the company ranks among the top two global communications firms. In a vote of confidence for Sorrell, 94 percent of all votes were cast in favor of the plan. Fourteen executives plus Sorrell are expected to participate but two positions are open. Irwin Gotlieb, who last week was named CEO of MindShare, is a likely candidate. Gotlieb declined comment.
Delta Not Sold Yet; 1 Shop Submits More
NEW YORK--Following final presentations last week, Delta Air Lines has requested additional information from at least one contender pitching its $100 million global account, sources said. TBWA Worldwide, said sources, is continuing to elaborate and answer questions following its presentation last Tuesday. The three other contenders, incumbent Saatchi & Saatchi, Leo Burnett and Grey Advertising, have not been asked to submit more information or material, sources said. Saatchi is said to have put forth a strong defense, but all eyes are now on TBWA and Burnett.
Ikea Goes Retro in Latest Round of Ads
NEW YORK--Deutsch here has produced two new TV spots for Ikea that continue to employ a makeover concept, but with a twist. The spots, breaking this week, show Ikea-types refurnishing the sets of 1970s sitcoms, the client said. One spot takes place in the living room of The Brady Bunch, the other, a hut on Gilligan's Island. Old footage of Alice and Gilligan are included. The Ikea workers sport bell-bottoms and wide-collared shirts.
Account Activity
Grey Advertising was cut from the estimated $50 million Deloitte Touche Tohmatsu International review, sources said. Remaining contenders: DDB, Messner Vetere Berger McNamee Schmetterer/Euro RSCG, Ogilvy & Mather, all New York; and Keiler & Co., Farmington, Conn. Angotti, Thomas, Hedge, New York, has declined to defend the estimated $20 million RCN account, now in review The Martin Agency has won creative and media duties for CareerBuilder.com, an online job recruiting Web site with estimated billings of $8-12 million Doner has resigned its Pharmacia & Upjohn business as the client reviews its estimated $10 million account.