BBDO Asia-Pacific has strengthened its presence in Korea, acquiring
a majority 50.1 per cent stake in local agency Dongbang Communications
from parent company Pacific Corporation.
The acquisition has resulted in BBDO dissolving its partnership with LG
Ad. BBDO regional managing director Peter Wilken said the acquisition
was aimed at creating a more effective foothold in the world's 12th
largest advertising market. He added that both BBDO and Dongbang would
benefit from the arrangement.
"This (the acquisition) provides a powerful platform for MNC clients
wanting to operate in Korea and it gives Korean companies access to
BBDO's global network of resources," said Mr Wilken.
The new operation - BBDO/Dongbang Korea - becomes an instant challenger
to the top-10 ranked agencies, with billings in excess of USdollars 90
million and a list of blue chip clients, including Visa International,
Sony, Siemens, Mercedes and Pacific Corporation's brands such as
Laneige, Mamonde and Iope.
Mr Allen Rosenshine, BBDO worldwide chairman and CEO, said, "The
marriage of a strong, established Korean agency with the creative
heritage and worldwide network resources of BBDO creates a force to be
reckoned with in Korea."
Mr J.B. Park has been named the CEO of BBDO/Dongbang Korea. He was
previously the managing director of Leo Burnett Korea.
He said the primary task now was to build up an even stronger base of
people and skills. "We've been encouraged by the interest shown by
prospective clients, and if we focus on delivering the top quality
product we are capable of, growth should follow," he said.
