BOSTON: In a deal that adds cause-related and consumer marketing to its extensive list of offerings, Omnicom last week acquired Cone for an estimated dollars 12-15 million in cash and stock.
Cone retains its existing leadership and will operate under the roof of Omnicom's 83-company strong Diversified Agency Services arm - which also houses Ketchum, Fleishman-Hillard and Porter Novelli.
While CEO Carol Cone said that she wasn't shopping the agency, she admitted that she had been approached by a number of suitors over the years. She said that a major factor in her decision to become part of Omnicom was the guarantee of continued independence, and likened the holding company's added resources to 'miracle grow' for her agency.
What makes the deal unusual is the way it takes care of Cone employees.
Money from the deal will be used to create a compensation fund, which will be supplemented by annual cash deposits if the firm meets its profit and growth goals. Employees will stand to receive anywhere from $5,000 to $30,000, based on performance and length of service.