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After months of speculation, Cheil Worldwide formally announced its acquisition of McKinney in an estimated $50 million deal that positions the Durham, N.C. agency as the U.S. flagship of the South Korean network. McKinney, which will retain its name, works for marketers like Nationwide, Ruby Tuesday, GNC, Sherwin Williams and Gold’s Gym.
Cheil, like Japan’s Dentsu, has struggled in growing globally outside its dominant home market position in Asia. Like Dentsu, which elevated its U.S. profile after buying mcgarrybowen in 2008, Cheil Americas CEO Buz Sawyer has been searching for an agency acquisition.
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