GREY ADVERTISING ACQUIRES FULL OWNERSHIP OF GREY DAIKO
By Adnews Staff
Grey Advertising Inc. of New York has acquired full ownership of Grey Daiko of Tokyo, Japan. Grey Daiko was a joint venture between Grey and Daiko Advertising Inc., Japan's fifth largest advertising agency. According to the New- York-based agency, Grey purchased the remaining 40.9 percent stake of its Japanese partner to make Grey Daiko a wholly-owned subsidiary. It will continue to operate under its current brand name and be led by Steve Bretschneider as president and chief executive officer. Its client roster includes: AIG, Brown & Williamson, Danone, Mars Inc., Procter & Gamble and SmithKline Beecham. Financial details of the transaction were not disclosed. Grey also operates units of MediaCom, Grey Direct, Grey Interactive and GCI, its public relations agency in Japan.