Saatchi & Saatchi, London, sold Cliff Freeman
& Partners, New York, to the management of the company for an estimated $4.6 million, as expected. In a statement, Saatchi said the deal resulted in a profit of about $1.5 million. Said agency Chairman-Chief Creative Officer Cliff Freeman in a statement: "Over the past 12 years, we have had a fruitful relationship with Saatchi & Saatchi, but we have reached a maturity level and have established a definitive culture separate from Saatchi & Saatchi, [so] that it's time to move on. Our clients are all on board, we have a top-notch executive committee in place . . ." Mr. Freeman told Advertising Age, "It's a wonderful feeling to be independent--this adds even more spirit" to the agency.
Copyright October 1999, Crain Communications Inc.