12th Jun 2014 13:42
LONDON (Alliance News) - Omnicom Group Inc, the US advertising and marketing agency, has decided to to halt all media spend with Channel 5 until the end of the year, redirecting activity to ITV instead, trade magazine Media Week reported Thursday.
The move is reported to have been made without any discussions with Channel 5, with many in the industry suggesting that ITV is receiving the extra spend due to its relationship with Omnicom's media trading arm Opera, the magazine reports.
Opera is said to have spent more than GBP50 million on Channel 5 last year.
"ITV looks to have gained a major boost, with one of the main media buying groups reportedly stopping spending with Channel 5 in the second half of the year and shifting this money across to ITV," said Liberum Capital analyst Ian Whittaker.
The news comes as ITV is set to show the live opening of the FIFA World Cup later Thursday.
http://www.mediaweek.co.uk/article/1298458/channel-5-lose-omnicom-makes-30m-advertising-exit
ITV shares lead the FTSE 100 gainers, up 2.4% at 180.86 pence.
By Jon Darby; [email protected]; @jondarby100
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ITV