P.M. BRIEFING : British Firm to Buy L.A. Ad Agency
NEW YORK — WPP Group PLC, the British-based advertising and marketing services giant, said today it has agreed to buy Seiniger Advertising Inc., a Los Angeles-based agency that specializes in marketing movies.
The deal calls for an initial payment of $10 million in cash and stock and additional payments of up to another $20 million in cash and stock based on the agency’s financial performance over the next four years.
Seiniger was launched in 1974 and has marketed more than 650 movies, including campaigns for the movies “Bull Durham,” “Indiana Jones and the Last Crusade,” “Jaws” and “The Untouchables.”
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