WPP’s newly-appointed CEO Mark Read is rumoured to be considering a consolidation between Young & Rubicam (Y&R) and ad firm VML.
According to The Wall Street Journal, Read is looking to combine the two agencies in an attempt to keep up with advertising’s digital shift.
The move would see current VML CEO Jon Cook at the helm of the combined business.
Read was officially appointed to CEO of WPP earlier this month, following former-CEO and founder Martin Sorrell left the position vacant in April.
At the time of his appointment, Read said in a statement: “Our industry is going through a period of structural change, not structural decline, and if we embrace that change we can look ahead to an exciting and successful future.
“Our mission now is to release the full potential that exists within the company for the benefit of our clients, to accelerate our transformation and simplify our offering, and to position WPP for stronger growth.
“To achieve that we need to foster a culture that attracts the best and brightest: inclusive, respectful, collaborative, diverse. What makes our company special is its people, and I am very proud to have been given the chance to build a new WPP with them,” added Read.
As per The Wall Street Journal, the strategy will allow creative agencies to detach themselves from TV and become less reliant on traditional media ad revenue.
As a result, digital ad revenue will be bolstered.
It is unclear how the move would impact the Australian arms of both agencies.
Pete Bosilkovski is the current CEO of Y&R ANZ, while VML is headed up by ECD and MD Aden Hepburn.
B&T sat down with Bosilkovski for our Fast30 Podcast, have a listen to the episode here.
A WPP spokesperson told B&T: “WPP declines to comment on merger considerations.”
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