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LATE NEWS;Y&R STOCK BUYBACK PLAN OFFERS UP TO $118 PER SHARE;UNITED EXPECTED TO NAME $100 MIL ACC'T FINALISTS: HOLIDAY INN TAPS FALLON FOR $30 MIL ACC'T:DOLE CAMPAIGN SPENDING $2.3 MIL FOR NET TV:DIAL SPLIT HERALDS RETOOLING FOR AGENCIES:BURNETT SERVES UP TV SPOT FOR ARCH DELUXE:DR. SCHOLL ACCOUNT STAYS AT MESSNER VETERE:AT&T ACCOUNT DECISION EXPECTED BY MONTH'S END:INVESTMENT FIRM SETS NETWORK, CABLE TV SPOTS:FL MILLER TIME RENEWED FOR $50 MIL

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[new york] Young & Rubicam is said to be readying informational packets to send to employee shareholders in preparation for a stock buyback. Current book value for Y&R stock is estimated at $48 per share. In an effort to buy out about 700 of its 1,000 shareholders, Y&R is prepared to offer between $115 and $118 per share, according to executives familiar with the plan, who also believe an initial public offering will come by February 1998. Y&R declined comment.

[elk grove village, ill.] United Airlines is expected to name three to four finalists today for its $100 million global account, after hearing credentials presentations from agencies last week. Young & Rubicam is believed to be a front-runner; other agencies participating: Ammirati Puris Lintas, Ogilvy & Mather Worldwide, Saatchi & Saatchi Advertising, TBWA Chiat/Day, J. Walter Thompson USA, all New York; and Fallon McElligott, Minneapolis. Incumbent Leo Burnett USA, Chicago, is expected to remain in through the next round.

[atlanta] Holiday Inn Worldwide, is expected today to name Fallon McElligott, Minneapolis, new agency for Holiday Inn, Holiday Inn Select and Holiday Inn Express, a $30 million account. Separately, Scaros & Casselman, Stamford, Conn., has been awarded the $20 million advertising account for Crowne Plaza Hotels & Resorts, another Bass property.

[new york] Armed with fresh funds, Republican presidential candidate Bob Dole has already confirmed orders for almost $2.3 million in airtime on ABC, CBS and NBC between Sept. 5 and Nov. 4. The spots are for various :30s and :60s and one 5-minute segment. That short infomercial will run on CBS Sept. 5 at 10:55 p.m. E.T. The segment cost $96,810. Dole For President, through Target Enterprises, Encino, Calif., spent $1,070,800 on 28 spots (22 :30s and six :60s) at ABC. The majority will run during "Good Morning America." Two :30 buys on ABC's "NFL Monday Night Football" (Oct. 28 and Election Day, Nov. 4) were the most costly, at $220,000 each.

[phoenix] Dial Corp.'s split into Dial Corp. (consumer products) and the Viad Corp. (service businesses), finally completed last week, is expected to create a realignment in agency assignments. Dial last year spent $17.6 million on consumer products advertising, divided between DDB Needham Worldwide and Gotham, both New York. Dial, which is expected to significantly boost spending this year and next, is said to be studying the capabilities of each of its current agencies.

[oak brook, ill.] Leo Burnett USA, Chicago, has created an as-yet unaired commercial for the Arch Deluxe, McDonald Corp.'s $75 million burger account now at Fallon McElligott, Minneapolis. Last week, McDonald's began running an Arch Deluxe spot from DDB Needham Worldwide, Chicago, its other national agency, featuring the company's corporate chef. A McDonald's spokesman said the involvement of DDB and Burnett didn't mean the account would move from Fallon. He added that DDB was charged with creating a commercial around the chef for any McDonald's product and the shop chose Arch Deluxe.

[liberty corner, n.j.] Messner Vetere Berger McNamee Schmetterer/Euro RSCG, New York, has retained the $12 million Dr. Scholl's footcare business, said Russ Elliott, VP-advertising and marketing at Dr. Scholl parent Schering-Plough Corp. While there seemed a possibility that all Schering's $110 million business might be up for review, Mr. Elliott said, "There are no plans to look at anything." Spending on the Dr. Scholl's brand is set to increase in 1997.

[new york] AT&T Corp. completed the final round of pitches for its new corporate branding campaign, due this fall. AT&T core agencies BBDO Worldwide, FCB/Leber Katz Partners, McCann-Erickson Worldwide and Young & Rubicam, all New York, participated. A decision on the estimated $100 million to $150 million review is expected by month's end.

[new york] Alliance Capital Management Corp. will unveil a new network and cable TV campaign Aug. 20 for its mutual funds and other investment products. Three 30-second spots are included in the estimated $3 million campaign, created by FerrellCalvillo, New York, which breaks Aug. 26.

[milwaukee] Miller Brewing Co. renewed its marketing partnership with the National Football League, including its status as official post-season beer sponsor. The three-year deal has an estimated value of $50 million, which includes rights fees, local team involvement and commitments to purchase time on NFL broadcasts. The brewer, which shares marketing rights with Anheuser-Busch Cos. in the regular season, will also continue to publish its annual Miller Football Handbook.

F.Y.I.

Geoffrey Frost to global advertising director, Nike, Beaverton, Ore., from exec VP-group creative director, FCB/Leber Katz Partners, New York. He succeeds Joe McCarthy, who left. ... Massachusetts Department of Public Health, Boston, to incumbent Houston Herstek Favat for its $11 million anti-tobacco account. ... Ameritech Corp. has signed an agreement with Chase Manhattan Bank to jointly market a new electronic bill-payment service designed to automate consumer payments, including telecommunications, utility and cable bills. .... WebTV Networks, Palo Alto, Calif., to Rubin Postaer & Associates, Santa Monica, first agency for the $6 million to $8 million account of the developer of Internet add-on devices for TVs. ... Sebastiani Vineyards, Sonoma, Calif., to Leagas Delaney, San Francisco, for its $5 million Vendange and Talus brands account, its first agency, and first account for the new office. ... Meldrum & Fewsmith, Cleveland, has resigned its Revco drugstore account. Revco, Twinsburg, Ohio, spent $13 million on ads last year, according to Competitive Media Reporting. ... Hewlett-Packard Co., Santa Clara, Calif., named Saatchi & Saatchi Advertising, San Francisco, North American agency of record for its Pavilion home PC, as expected (AA, Aug. 12)

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