The deal that had the Philippine ad industry buzzing since January 2008 has fallen through. Yoly Ong, chairman of Campaigns & Grey, has finally rejected the offer of the world’s largest communications conglomerate to buy her and the other local partners out.
Campaigns & Grey had been in talks with Grey’s parent company, WPP since last year. In the process, she lost her agency’s president, Gie Gatchalian, who cited irreconcilable differences with WPP, stemming from his experience as general manager of JWT Manila. After a protracted series of negotiations, perhaps Ong realized that she, too, had similar incompatibilities with WPP.
In a statement to adobo, Ong said, “There were too many philosophical differences. If the transaction had been completed, it would have been just about money. As Henry Ford said, a business that only has money is a poor business.”
WPP’s representative could not yet be reached for comment.
Yoly Ong, Marlyn Villapando and Gil Corcuerra started Campaigns in 1986. Ten years later, they entered a partnership with Grey Advertising. Their major clients include Procter & Gamble, Nissins Ramen, URC, Lamoiyan, Consolidated Distillers, among others.
