INTERPUBLIC, OMNICOM, WPP FORM JOINT VENTURE
By Adnews Staff
New York-based holding companies Interpublic Group of Companies and Omnicom, along with WPP Group of London, are forming a joint venture that will enable media buying and selling through an Internet-based service, according to a report in the New York Times. A single electronic system will be created to manage transactions, payments and research data for both traditional and online media buying and selling, the report said. The initiative is said to be the first joint venture for the three advertising companies. However, according to the report, other companies will be invited to join as well. Michael Lotito, previously president and chief operating officer of Initiative Media North America in New York, has been appointed chief executive officer of the as-yet-unnamed venture, which will be based in New York.