BIZCHINA / Overseas Investment
Top ad firm Omnicom Group to set up joint venture in China
Updated: 2006-06-14 14:29
Omnicom Group, the world's largest advertising and communications holding
company, is teaming up with CITIC Guo'an Group, one of the top 10
advertising companies in China.
The two partners will set up a joint venture advertising agency, DDB
Guo'an Communications Beijing Co. Ltd., scheduled to open on July 3,
sources with Omnigroup said Tuesday.
The agency will be created through the merger of DDB China under the
Omnicom Group and Beijing Guo'an Advertising Corp, a subsidiary of CITIC
Guo'an. The US-based Omnicom will hold 52 percent of the new venture,
while CITIC Guo'an will own 48 percent.
John Wren, president and CEO of Omnicom, said that the partnership
reflects the approach his company has taken in every major market which
is to grow by co-operating with the best local players.
According to Wren, Omnicom's business in China currently accounts for
only a small portion of its global revenue, but the firm believes the
country is a key strategic market for its future growth.
Yan Gang, executive vice-chairman of CITIC Guo'an and chairman of Beijing
Guo'an, will be chairman of the new venture. He said the company is ready
to share its resources such as a cable TV network and sports advertising
channels with Omnicom in further co-operation.
(For more biz stories, please visit Industry Updates)
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