Panoramic owns ad agency EPB Communications, New York, ranked No. 74 by Advertising Age magazine among U.S. agency brands in 2001 (with U.S. billings of $334 million), and Yesawich, Pepperdine & Brown, Orlando (2001 billings of $139 million).
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PubliGroupe said it took a one-time charge of $66 million to write off its entire stake in Panoramic and that Panoramic has sought new financing via third-party loans, new investors and the proceeds of divestitures.
Last month, management at the R.J. Palmer agency bought the media buying shop back from Panoramic in a cash deal.
Panoramic did not return phone calls by deadline.