MSGi Unloads Grizzard

Share this content:
Marketing Services Group Inc. has agreed to sell its Grizzard Communications Group to communications holding firm Omnicom Group Inc. for $91.3 million in cash.


Grizzard is an Atlanta-based direct marketing agency, which MSGi acquired in July 1999.


The sale represents a continued effort by New York-based MSGi to recover from financial difficulties. In January the firm sold off e-mail technology firm WiredEmpire and began reviewing strategic options with financial adviser Goldman Sachs in an attempt to maximize shareholder value.


In February MSGi cut staff and reorganized internally.


The agreement to sell Grizzard appears to be the next step in MSGi's quest for financial stability.


"As a result of [this] transaction, we have afforded ourselves many opportunities and have strengthened our balance sheet," Jeremy Barbera, chairman/CEO of Marketing Services Group Inc., New York, said in a statement. "At closing, we will have over $25 million in cash and no long-term or short-term debt. We view this transaction as an important step in our strategy to maximize shareholder value."


The deal is expected to close next month.


MSGi is expected to sign a strategic partnership agreement with Grizzard after the sale to continue the relationship between the two firms.


Sign up to our newsletters

Company of the Week

USAData helps businesses find new customers and grow their current customers through a combination of data and digital marketing services, and easy-to-use SaaS technology products. We enrich customer data so businesses can more effectively target and communicate with customers, and connect them with their best look-alike prospects through digital and traditional channels. We make it easy through simple, self-serve applications and APIs, as well as through full-service programs managed by our Data and Digital experts. 

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above