True North, DaimlerChrysler reach agreement

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True North Communications said it reached a transition agreement with DaimlerChrysler after the automaker shifted its Chrysler Group advertising account to Omnicom Group's PentaMark Worldwide. True North said it would terminate its existing client contract as of Jan. 1, 2001, and would post a restructuring charge of $17 million to $20 million (19 cents to 23 cents per share) in the fourth quarter despite receiving about $13 million in severance from its former client. The company said it was comfortable with consensus estimates for 2001.

Copyright January 2001, Crain Communications Inc.

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