Barbarian Group, the digital firm that heralded the rise of smaller, creatively focused and technology-fluent shops, is rebuffing rumors that it has been purchased by Cheil Worldwide at a rock-bottom price of $10 million.

According to a blog post by Stuart Smith, former editor of Marketing Week magazine in the U.K., Cheil has already purchased the company for $10 million, but Barbarian Chief Operating Officer Rick Webb flatly denied the report of the sale and its exceedingly low figure.

Mr. Webb sent an agency-wide memo in response to the rumors today, stating the agency hasn't made any deals. According to a person familiar with the situation, Cheil and Barbarian Group have been in discussions for several months.

Read more of the Barbarian/Cheil story on Advertising Age.