TMP Worldwide Advertising & Communications’ North American operations have been sold to Veronis Suhler Stevenson, a media-focused private equity and mezzanine capital fund management company for $45 million by Monster Worldwide.
TMP is one of the top three recruitment advertising agencies, along with the Bernard Hodes Group and J Walter Thompson.
“The sale of our business in North America is consistent with the earlier divestments of our TMP Worldwide Advertising & Communications businesses in Europe and the Asia Pacific region,” Andrew J. McKelvey, Monster’s chairman and chief executive officer said in a press release Thursday.
Michelle Abbey will become president and chief executive officer of the new organization.
Monster anticipates recording a loss of $120 million to $133 million due to the sale.
“Over the last eight or 10 years, revenue from employment advertising has gone down because the revenues are in the job-board listings,” says Rick Fletcher, president and founder of HRchitect, a human capital management consulting firm. Fletcher says the ad agencies made much of their money from print. “They were getting royalties whenever there was a print ad. Health care is the only industry that has been [positive] on the print side.” – Ted A. Knutson
1 comment
rss | trackback
Steven Rothberg Aug 31, 2006 at 4:58 am
This should eliminate the questions from employers about where the loyalty of the TMP staffers truly resided. For over a decade, employers have wondered whether they were getting unbiased advice from TMP reps who recommended Monster. My sources tell me that the reps almost always provided unbiased advice, but the perception that they weren’t must have always been just below the surface in many of their client relationships.