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WPP confirmed the news today, first reported by The Wall Street Journal on Sunday and backed up by sources close to the matter, that it will merge creative agency Y&R and digital network VML to create a new entity called VMLY&R.
This marks new CEO Mark Read’s first significant move as head of the world’s largest advertising company and comes in response to demands from investors and clients alike to streamline an organization that employs more than 150,000 around the world.