Updated: Cheil Worldwide has confirmed plans to buy a 49% stake in Beattie McGuinness Bungay. The move will see BMB develop a micro-network including a New York office that will launch next year.
The news closely follows failed negotiations between TBWAWorldwide and BMB. It is understood that TBWA was in advanced talks with BMB to merge the agency with the former’s London office.
Cheil is an affiliate of Samsung and is Korea’s largest marketing agency. In February this year, it appointed former Leo Burnett chief executive Bruce Haines as chief operating officer. As part of his remit, he has been charged with expanding its global footprint.
BMB was founded by Trevor Beattie, Andrew McGuinness and Bil Bungay in May 2005 as a breakaway from TBWA/London.