Word: millions
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Dates: during 1980-1989
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Louis-Dreyfus has no background in advertising but has earned a hot reputation as a financial whiz. His chief accomplishment is the brisk turnaround of IMS. The company, capitalized at $232 million when Louis-Dreyfus took over in 1982, was sold to Dun & Bradstreet last year for $1.7 billion...
...sparked panic on then complacent Madison Avenue and helped fuel a merger frenzy as other agencies joined forces to stay in the game. Meanwhile the brothers bought and bought. Among the dozens of U.S. firms they scooped up were top names like Compton Communications (purchased in 1982 for $55 million), Dancer Fitzgerald Sample (1986, $75 million) and Backer & Spielvogel (1986, $100 million...
From 1982 to 1986, Saatchi & Saatchi revenues increased more than elevenfold, from $62 million to $697 million. In 1986, with the $450 million purchase of the Ted Bates agency, the brothers reached their avowed goal: Saatchi & Saatchi was the world's biggest ad firm. By last year, their client billings had reached $13.5 billion (runner-up Interpublic billed $8.4 billion), and the company had offices in 58 countries...
...Saatchis soon learned that bulk can have its downside. Many advertisers objected to being crowded into the same corporate tent with rival products. Colgate-Palmolive, Procter & Gamble, Warner-Lambert and other major firms have pulled nearly $600 million worth of accounts from Saatchi-owned agencies since...
...Saatchi & Saatchi wandered afield, its management seemed to become increasingly inept. The company's debt swelled to $250 million while costs mounted unchecked. At the consulting firms, key managers, skeptical about whether their operations could thrive in the Saatchi confederacy, began to quit...