Cone Inc. Acquired by Omnicom Group
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Advertising giant Omnicom Group Inc. has acquired marketing and communication agency Cone Inc., which will become a subsidiary in Omnicom's Diversified Agency Services operation and retain its identity, leadership and culture.
Financial details were not disclosed, except that the deal involves a combination of cash and stock
"Omnicom was attracted to Cone because of the agency's futuristic approach, which integrates marketing, public relations, interactive marketing, and cause branding," said Thomas L. Harrison, chairman and CEO of Omnicom's Diversified Agency Services.
"Cone has taken cause related marketing to a new level. They've developed an approach that uses different business practices to embed a social issue into the fabric of a company.
Over the past three years, the staff of Cone Inc. has grown 111 percent to 76 employees, with offices in Boston and New York. Over the same period, agency revenues have increased 157 percent to an expected $9.5 million for 1999.
Cone clients include ConAgra, Gillette, Home Depot, JCPenney, Dunkin' Donuts, Timberland, Summit Technology, MyFamily.com, SmartMoney.com, studentadvantage.com and ZanyBrainy.com.
Carol Cone will continue as chief executive officer, and Jens Bang will continue as president and chief operating officer.