Digital Shop Barbarian Group Denies Sale to Cheil Worldwide
Creative Powerhouse Reportedly Sold for $10M to South Korean Network Looking to Boost U.S. PresenceBy: Nick Parish, Published: Nov 13, 2009
Barbarian Group, the digital firm that heralded the rise of smaller, creatively focused and technology-fluent shops, is rebuffing rumors that it has been purchased by Cheil Worldwide at a rock-bottom price of $10 million.
According to a blog post by Stuart Smith, former editor of Marketing Week magazine in the U.K., Cheil has already purchased the company for $10 million, but Barbarian Chief Operating Officer Rick Webb flatly denied the report of the sale and its exceedingly low figure.
Mr. Webb sent an agency-wide memo in response to the rumors today, stating the agency hasn't made any deals. According to a person familiar with the situation, Cheil and Barbarian Group have been in discussions for several months.Read more of the Barbarian/Cheil story on Advertising Age.