Cannes Lions owner sells Flywheel Digital for US$835 million
Omnicom has just announced an investment of US$835 million in Flywheel Digital, the digital commerce unit of Ascential, owner of Cannes Lions.
Flywheel will operate as a specialized division within Omnicom, under the leadership of Duncan Painter, current CEO of Ascential.
E-commerce sales worldwide are expected to increase 50% to reach approximately $7 trillion by 2025. The acquisition of Flywheel significantly expands our reach and influence in the rapidly expanding digital commerce and retail space. “Together, we will seamlessly integrate our offerings across retail and branded media, digital and in-store commerce, and CRM, ultimately delivering superior results for our customers,” said John Wren, president and CEO of Omnicom, in a statement.
Our goal is to empower our customers to automate, optimize and measure their digital commerce and media spend in an increasingly complex marketplace, added Painter.
The acquisition is expected to be completed during the first quarter of 2024, subject to approval by Ascential shareholders, regulatory approvals and compliance with customary closing conditions.
(Image: SOPA Images)
