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The wave of consolidation so prevalent in advertising is overtaking public relations as well, with Feinstein Kean Partners agreeing to a buyout by Ogilvy Public Relations Worldwide and Cone holding talks with suitors.
Cambridge, Mass.-based Feinstein Kean, which specializes in media and investor relations for pharmaceutical and biotechnology firms, will be acquired by Ogilvy PR in a deal valued at $8-10 million, sources said. Feinstein Kean has 70-80 staffers and has worked for AutoImmune, Biostar, ImmunoGen and Xerox Adaptive Technologies.
The acquisition will likely be announced this week, with Feinstein Kean operating as a unit of Ogilvy PR’s health and medical practice, sources said.
The deal will be financed with cash and publicly traded stock issued by WPP Group, the London-based parent of Ogilvy PR, sources said.
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