MTC backs into AdWorks Ogilvy

Confirmed minutes ago by someone who knows.

That may be a surprise for some of you but clearly MTC has been preparing itself for some sort of sale for a while - Roy and Jeremy have both stepped back, the name changed, Josh and Jamie are brought on etc. But the loss of business recently will have made this a more expedient option.

AdWorks Ogilvy will be buying creative reputation, a bit of magic, some flash people and a few pretty good brands. But expect there to be some casualties - creatively at least it will probably be a reverse takeover.

It will be interesting to learn what the new entity will be called.

F.

Update: Fastline says "AdWorks Ogilvy md Greg Partington has been in secret negotiations with MTC for some time, and the two have penned a deal which will see Adworks buy out MTC and absorb all staff. The senior creative team at MTC will take over the running of the brand side of the Ogilvy business and have carte blanche hiring, firing and reorganising authority over the new combined creative department. The retail side of the Ogilvy remains unscathed."