WPP buys stake in LG Ad

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[seoul] WPP Group bought 36% of LG Ad, South Korea's second largest agency and the in-house agency for the LG Group conglomerate (AA, Sept. 30). Four senior executives from WPP's Ogilvy & Mather Worldwide and Y&R Advertising will join LG Ad's board, but WPP will not make any immediate management changes. About $400 million of LG Ad's 2001 billings of $492 million are from LG Group, although the agency also handles Nike, Korean Air, and local banks. As Korean conglomerates sell off their in-house agencies, they sometimes guarantee their accounts will remain at their former agency for three to five years. Miles Young, O&M's chairman-Asia/Pacific, said the deal did not include a guarantee that the LG business stay.
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