Jay Chiat Is Looking for Sale Opportunity

NEW YORK – Jay Chiat has been putting out feelers in the ad communities on both sides of the Atlantic in an attempt to evaluate interest in a sale of all or parts of the venerable, but debt-ridden Chiat/Day network, sources said. In fact, the chairman and ceo, has had at least one informal discussion with Omnicom ceo Bruce Crawford which one source characterized as ‘exploratory.’ ‘There are no acquisitions imminent. Nor are there negotiations going on right now to purchase Chiat/Day,’ said Crawford. He stressed that Omnicom is not interested in acquiring a fourth, free-standing, agency network. He said for an acquisition to work, it would have to make a strategic fit with one of Omnicom’s three existing networks. But some observers think Chiat and Omnicom’s TBWA unit could be merged.
Copyright Adweek L.P. (1993)