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WPP confirms Young & Rubicam deal

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WPP Group, London, confirmed Friday the most poorly kept secret of the year: It is acquiring Young & Rubicam Inc. in a $4.7 billion stock deal. WPP Group adds Y&R to its stable of thoroughbred agencies, including Ogilvy & Mather Worldwide and J. Walter Thompson Co. On a pro forma basis, the entire group had 1999 revenues of $5.2 billion. When the transaction is completed, Thomas D. Bell will be chairman of Y&R, and Michael Dolan will be CEO of the company. Effective immediately, Ed Vick is chairman-CEO of Y&R Advertising.
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