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FCB TO ACQUIRE CHIAT/DAY/MOJO NETWORK IN AUSTRALIA AND NEW ZEALAND

 CHICAGO, Nov. 18 ~PRNewswire~ -- The Foote, Cone & Belding Communications, Inc. (NYSE: FCB) board of directors, meeting in Milan, Italy, today approved an agreement in principle with Chiat~Day Holdings, Inc., the parent company of Chiat~Day~Mojo, to acquire its Mojo network in Australia and New Zealand.
 According to the terms of the agreement:
 -- FCB will acquire Chiat~Day's ownership of Mojo operations in Sydney, Melbourne, Brisbane and Perth, Australia as well as Auckland and Wellington, New Zealand.
 -- These offices will operate under the Mojo brand name and existing management structure headed by Mojo Chief Executive Officer Graeme Wills.
 -- Mojo will retain an association with Chiat~Day to serve selected multinational clients in Australia and New Zealand, as needed.
 -- Mojo founders, Don Morris, director, who worked at FCB~Chicago in the 1970s, and Allan Johnston, chairman, will continue in their respective roles.
 FCB will become the third largest agency group in Australia and the second largest group in New Zealand, with combined post acquisition billings of approximately $330 million in U.S. dollars. FCB currently operates offices in all cities in which Mojo has units as well as in Christchurch, New Zealand. FCB's current area billings total approximately $150 million. FCB staff in the two countries will rise from 255 to approximately 475.
 FCB Chairman and CEO Bruce Mason said "Mojo is a premier brand name with a superlative worldwide creative reputation. Its accomplished management team, with deep roots in the marketplace, will become integral partners in our Pacific expansion." He concluded, "We're bullish on Australasia and its economic prospects, contrary to some in our industry."
 Key shared multinational clients coming to FCB in Australia and New Zealand through the Mojo acquisition include Nestle', Kraft General Foods and Club Mediteranee. FCB International Chairman Craig Wiggins said "Mojo's addition to our global organization underscores our commitment to build on quality ... in terms of creativity, clients and critical mass."
 Mojo Chief Executive Officer Graeme Wills said, "This agreement has the enthusiastic support of our entire staff. It will enable us to build on Mojo's historic strength: an ability to understand Australians better than any other agency and to communicate this in a distinctive way."
 Jay Chiat, chairman and CEO of Chiat~Day, said "When FCB approached us, we had no intention of selling but they had such a compelling strategy for the region, the Mojo brand, the management and the clients. I'm confident the agreement will preserve Mojo's unique identity, while expanding its resources and growth momentum in the Pacific region."
 It is anticipated that the agreement, subject to final negotiation, will be concluded by the end of 1992. FCB Pacific Regional Chairman Kelly Farrimond will supervise the completion of the acquisition he initiated and continue to oversee all FCB operations in the area.
 Mojo, one of Australia's best-known and most celebrated agencies, was named Advertising Age's "International Agency of the Year" in 1986 in recognition of its uniquely recognizable, immensely powerful creative product. Mojo's award-winning Australia tourism "Shrimp on the Barbie" campaign, featuring "Crocodile Dundee" movie star Paul Hogan became a global sensation, along with subsequent campaigns for several major clients.
 Foote, Cone & Belding ranks as the eighth largest worldwide advertising company and the largest agency in the United States. Its network includes 176 offices in 43 countries, with worldwide billings, including Publicis-FCB European operations, totaling more than $6 billion.
 -0- 11~18~92
 ~CONTACT: Owen Dougherty of Foote, Cone & Belding Communications, Inc., 312-751-7789~
 (FCB)


CO: Foote, Cone & Belding Communications, Inc.; Chiat~Day Holdings,
 Inc. ST: Illinois IN: ADV SU: TNM


TS -- NY080 -- 2466 11~18~92 14:55 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 18, 1992
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