PRNewser FishbowlNY FishbowlDC GalleyCat TVNewser TVSpy LostRemote SocialTimes

Cheil Worldwide Indeed Acquires McKinney

In case you didn’t hear the news, after reportedly a month or so of discussion, it’s now official that Korean holding company Cheil has acquired Durham, NC stalwart McKinney, which of course we all recently remember from the premiere episode of AMC’s The Pitch. As a result of the Cheil deal, McKinney’s four years of independence comes to an end (the agency was previously owned by Havas). But despite having a parent company yet again, McKinney’s name, leadership (including CEO Brad Brinegar) and its NC headquarters remains intact.

So why sell now? In a statement, Brinegar says, “After four years of charting our own course and producing unprecedented results for our clients, we couldn’t pass up this golden opportunity to be better, bigger, faster. Cheil’s enthusiasm for McKinney’s independent spirit and the opportunity to help write the future of the global network sealed the deal. Though we’re from different parts of the world, we share the language of success — ‘tuhon,’ the relentless drive to achieve extraordinary results despite all obstacles.”

McKinney will now join the Cheil Americas unit, which of course also includes The Barbarian Group and is led by CEO Buz Sawyer. According to The New York Times, the Cheil-McKinney deal is estimated at $50 million. Read the trade’s full report here.

Mediabistro Course

Copywriting: Creative Ad Writing

Copywriting: Creative Ad WritingWork with a freelance copywriter to build your advertising portfolio and land more copywriting jobs! Starting January 12, Kim Taylor will teach you how to make a complete ad using graphics and photos, write strong headlines and body copy for various advertising media, work from a creative brief, and jumpstart your ad portfolio. Register now!