King of Prussia’s CMI, one of the largest healthcare media agencies in America, has been acquired by the London-based WPP (Wire and Plastic Products), the world’s largest marketing communications services group with revenues of $19 billion, writes Kenneth Hilario of the Philadelphia Business Journal.
Founded in 1989, CMI has a total of 210 employees with other offices in New York, Philadelphia, and Pennsauken, N.J.
Financials of the deal were not disclosed.
There will be no major structure changes in employees and management, according to CMI CEO Stan Woodland. No employees will be lost.
“We were incredibly impressed by the performance of this organization,” said John Zweig, chairman of healthcare and specialist communications at WPP. “CMI’s clients view them as indispensable and that is reflected in their growth and employee tenure.”
CMI’s clients include 10 of the top 20 pharmaceutical advertisers in the United States. The company represents 340 brands among 51 clients, according to WPP. Its unaudited revenues were about $38 million as of December 2015.
In the United States, WPP companies generate revenues of almost $7 billion, employing about 25,000 people.
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