Maurice Lévy likens abortive Publicis-Omnicom mega-merger to a ‘train wreck’
Publicis head Maurice Levy has ruled out any prospect of a planned mega-merger between his advertising group and their American rivals, Omnicom, after likening the failed negotiations to bring it about to a ‘train wreck’.
Speaking to the Guardian Lévy said: “It is good to dream big and I don’t regret dreaming big,” he said. “It is excellent to stop when you see that the train is derailing.”
Lévy also announced a sharp change in tack for his company which will now seek to accelerate moves to position itself as a twin track ‘internet company’ and advertising agency as part of a renewed focus on digital.
Lévy said: “We are working on a new strategy plan, to sharpen our profile to be closer to internet company than an advertising holding company. The right solution will not come from an internet company only or and advertising agency company only. If we can combine in a clever way we can bring something fresh and new.”
Publicis Groupe’s failed bid to create an advertising colossus has given rivals, such as WPP, a head-start in this area as they’ve been busily hovering up digital businesses whilst the train was derailing.
Lévy added: “If I had to say what I have lost in the non-merger we have lost a bit of time, time is precious, and clearly there are a few things we could have done and have not.”
Describing the failed bid as a ‘mistake’ Lévy continued: “You can have a lot of experience and you can have a lot of success and you can still make mistakes. Which is what I did. That is something which is a lesson.”