The move followed a competitive three-month review that included Dweck!, Doremus and Hampel/Stefanides, all New York.
Mad Dogs & Englishmen, New York, helped launch the daily international finance publication a year ago on a project basis and was invited back into the review but dropped out early, said Martha Brown, the Deal's communications director. MediaVest Worldwide, part of the Starcom MediaVest Group, will handle the media planning and buying.
The print and online publication was searching for an agency that could perform ad chores both in New York and London, the home of its parent, Deal LLC.
In the final days of the review, the competition became a shootout between M&C Saatchi and Dweck! which had formed an alliance with the London-based shop Mother for the pitch.
"It was an incredibly difficult decision," said Ms. Brown, who was in charge of running the review. "We pulled our hair out over it. We were very impressed with Dweck!" In the end however, the Deal went with M&C Saatchi because the agency showed "a deep understanding of our business," according to Kevin Worth, chief strategic officer of the Deal.
M&C Saatchi will work on "creating a brand that encompasses both the newspaper and the Web site," said Marty Cooke, creative director, M&C Saatchi, New York. "They need something that will be on the streets and will be highly creative."
Mr. Cooke said the agency will begin by doing postings, billboards, bus shelters and other outdoor placements. It also plans on creating radio and broadcast TV and has floated a few taglines for the publication, which Mr. Cooke would not reveal.
The New York office will take the creative lead on the account.
The Deal plans to launch its revamped Web site this fall with a new moniker, TheDeal.com, instead of the current thedailydeal.com. It will position the site as a financial content and services destination not unlike its principle competitor, FT.com, the Web arm of the Financial Times, and TheStreet.com.
BBDO Worldwide, New York, handles advertising for FT.com, which prominently features spokesman Dan Aykroyd, and The Street.com recently launched an offbeat broadcast campaign created by its new shop DeVito Verdi, New York.
According to Ms. Brown, the Deal will be mounting a major expansion plan that will increase distribution and circulation of the daily from 35,000 to 50,000 subscribers. The company launched the paper in London in June this year and will also open an office in Chicago at the end of this month.
Over the next 12 months, the company also plans to introduce e-mail newsletters, community services and conferences.
Meanwhile, M&C Saatchi has been on a winning streak, having scored a corporate branding assignment for the soon-to-be-merged pharmaceutical giant Glaxo SmithKline (AA, July 31). The shop bested Ogilvy & Mather, New York.
"The account guys here are excited about beating Ogilvy," said Mr. Cooke. "I'm more excited about beating Dweck!"