Saatchi to Sell Division: Saatchi & Saatchi...
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From Times Staff and Wire Reports
Saatchi to Sell Division: Saatchi & Saatchi Co. said it has agreed to sell a subsidiary, the New York ad firm McCaffrey & McCall, for $17 million to members of the agency’s management. Saatchi & Saatchi said $2 million will be in cash and the remaining $15 million in the form of a 10-year note bearing annual interest of 9%. The buyout has been widely rumored for months. Saatchi said keeping the agency did not fit its long-term strategy.
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