Botway agrees to sell to IPG

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Western Initiative Media Worldwide, the Interpublic Group of Cos. unit, has signed a letter of intent to acquire independent media buyer Botway Group, New York. Terms were not disclosed. The deal was expected. As first reported by Advertising Age in May, Western's primary interest in Botway is its $500 million-plus TV buying assignment from Unilever. However, the Unilever media account is now in review. As previously reported, Western was said to have agreed to pay Botway a certain price if it retains the Unilever business, and another, lower price if it loses Unilever.

Copyright November 1999, Crain Communications Inc.

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