NEW YORK: Kekst and Company's work on behalf of Time Warner helped the media giant successfully fend off Carl Icahn’s bid to break the conglomerate into four separate companies.
Kekst partner Jeffrey Taufield said the agency worked with TW, a longstanding client, on the proxy battle threat. The company reached a settlement with Icahn on February 17, in which the company offered some cost-cutting measures, an increased share repurchase, and board seats in return for Icahn dropping his bid.
Edward Adler, EVP of corporate communications for Time Warner, noted that Kekst "represent[s] the company all the time, so this was a continuation of that." He said that the agency is used mainly for "advisory services."
Communications was a critical component of the outcome of the deal, according to Adler. "It played itself out as a press story," he said.
Icahn teamed with Lazard, the investment bank, on his bid. Lazard VP of communications Richard Creswell said the bank did not use a separate PR firm for the deal, instead working with Icahn's own agency, Source Communications in New York.