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Riney Sells Rather Than Be Another ‘Medium-Sized Agency in Limbo’
SAN FRANCISCO – Concerned over the viability of independent, midsize agencies, Hal Riney last week agreed to sell his 12-year-old shop to Publicis for an estimated $90-100 million in cash.
“With the tremendous amount of consolidation going on it didn’t make sense to continue as a medium-sized, independent agency in limbo,” the chairman of Hal Riney & Partners said last week. He added that the $702 million shop has lost pitches – Apple Computer is a recent example – and has been forced to turn down business because it could not handle international duties.
Sources said that agency president Scott Marshall’s compensation package has an incentive attached to the sale of the agency.
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