Omnicom Group shares jumped 5.1% in afternoon trading after reports indicated its media group secured the global media account for athletic apparel giant Adidas, a deal valued at over $500 million. Omnicom Media Group's PHD agency will reportedly lead the account, taking over from competitor WPP, which previously managed the business. Adidas's annual media expenditures are estimated to be between $512 million and $560 million, according to different media reports. The win signals a potential boost in future revenue and market share for Omnicom, driving positive investor sentiment.
Omnicom Group IncWon Adidas global media account worth over $500 million, boosting future revenue.
WPP PLCLost Adidas account to Omnicom, indicating competitive setback.
adidas AG