Fresh from selling another chunk of Clemenger BBDO to Omnicom, Clemenger boss Robert Morgan has produced a ringing manifesto for ad agencies, saying the world has written them off countless times and been wrong to do so.
Pointing to ad growth of 11 per cent in Australia, he underlines the country’s new-found popularity with the big global marcoms companies who see Oz as a good base for expansion in the Asia Pacific region, rivalling Singapore.
He also points out that advertising is as effective as it ever was, citing the successful big ad campaign by Australian mining companies against the previous government’s proposed mining tax.
BBDO boss Andrew Robertson has said that he wants Clemenger employees to continue to hold shares directly in the agency so it looks like Omnicom increasing its stake from around 47 per cent to 77 per cent is as far as it will go.
As such it looks a win-win deal for Clemenger anyway, rather as Aegis’s recent $360m takeover of Aussie media group Mitchell Communication was for the Mitchell family.
Although not quite as spectacular.