Word: saatchi
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...President's daily- appointments schedule. For fear of embarrassing the First Family, he says, he no longer feels free to use the White House tennis court. Deaver has also had to break off negotiations for an $18 million sale of his consulting firm to a British public relations conglomerate, Saatchi & Saatchi. And if that were not enough bad news, the General Accounting Office reported last week that he may have violated federal conflict-of-interest laws that carry criminal penalties...
...epic acquisition binge. Only two weeks ago, the merger of three large firms--BBDO International, Doyle Dane Bernbach Group and Needham Harper Worldwide--created the biggest agency in the world (estimated annual billings: $5 billion). But that superdeal appeared to have been surpassed last week when London's Saatchi & Saatchi agreed to buy Manhattan-based Ted Bates Worldwide for an estimated $350 million. Those two companies, which are expected to announce the deal early this week, will have billings of about $7.5 billion. Ted Bates, named for the late adman who started the company in 1940, has coined famous slogans...
...American companies are facing formidable competition from Tokyo's Dentsu (1985 billings: $3.62 billion) and London's Saatchi & Saatchi ($3 billion). Perhaps the most ravenous of all the advertising firms, Saatchi & Saatchi took over twelve companies last year. Flush with $600 million raised through a stock offering, Brothers Charles and Maurice Saatchi are prowling for more prey and are determined to build the world's largest agency. Doyle Dane Bernbach turned down a Saatchi offer before deciding to merge with BBDO and Needham; so far, Ted Bates has also ducked Saatchi's advances. Says Abbott Jones, president of the Chicago...
Though their company is highly visible, the Saatchi brothers seldom speak to journalists and almost never pose for photographs. The reclusive Charles drives to his office each day accompanied only by his pet Schnauzer and often spends his lunch break playing chess. "Clients never meet him, and most employees wouldn't recognize him," says one former colleague. He and his wife Doris spend much of their spare time amassing a noted collection of modern...
...more outgoing Maurice has excelled at courting outside financing for the company's rapid growth. Until the Saatchis came along, London's stuffy financial community shunned advertising agencies as unreliable investments. The brothers changed all that by posting an unbroken pattern of 50% annual growth after they went public in 1975. Last week the company announced a $600 million stock sale, the third largest in British history. With all that spending money, the snowballing Saatchi & Saatchi will undoubtedly be growing even faster...