Word on the street is is that Agency.com is in the process of being absorbed by TBWA. The Omnicom shops have both undergone a series of layoffs in recent months, presumably for differing reasons. It's all a bit cloudy, but a source familiar with the matter tells us Agency.com creatives were told to prepare their resumes/portfolios for TBWA's review process.

Notes our spy, that "explains why they could care less who they hire for cd positions."

So what does that mean? Apparently two senior level creatives have given notice in recent weeks after a traditional cd was brought on. Oh, the drama. Let's not forget that formed VP ECD Mat Zucker left the shop for Ogilvy One in late April.

We're putting the pieces together; you might call it Agency.com Deathwatch. Let us know if you have details to share. AgencySpy at Mediabistro dot com.

More: "The New Ogilvy, Part Doo"