Once registered, you can:

  • - Read additional free articles each month
  • - Comment on articles and featured creative work
  • - Get our curated newsletters delivered to your inbox

By registering you agree to our privacy policy, terms & conditions and to receive occasional emails from Ad Age. You may unsubscribe at any time.

Are you a print subscriber? Activate your account.


By Published on .

NEW YORK (AdAge.com) -- I-shop Agency.com completed a deal for company founders Chan Suh and Kyle Shannon to sell their shares to Seneca Investments LLC, which, as a result of the purchases, now owns a 65% majority stake in the New York-based company.

The agreement, originally announced in May, called for Messers. Suh and Shannon to sell their shares for an initial price of 94 cents per share, and a potential second payment of 47 cents per share.

Previously, Seneca had purchased the stake in Agency.com held by Omnicom Group, which amounted to approximately 45% of the company. In return, Omnicom took a stake in Seneca, which it has set up with Pegasus Partners II, as an e-services holding company.

Seneca also has an offer out to buy the remaining shares of Agency.com, which it plans to buy for $ 3.35 per share. That offer will be considered by shareholders at a meeting to be held on Oct. 31.

Seneca made a bid for the outstanding shares of i-shop Organic last month. Seneca owns a minority stake in Organic as a result of a similar shares transfer from Omnicom.

Most Popular
In this article: