Last week, speculation emerged that Sky TV could be the latest multimillion-pound account to walk out of Bates, following the hammer blow of the loss of Allied Domecq globally and Woolworths and Royal Mail in the UK.
The Allied Domecq account was almost immediately moved into Publicis Worldwide as Woolworths went to Bartle Bogle Hegarty. The Royal Mail is still reviewing its business.
Industry sources suggested that Sky was likely to consolidate its 拢50m account into HHCL/Red Cell, which already handles creative work for Sky Plus, the broadcaster's personal video recorder.
However, Sky, for the moment, put paid to any idea that it was reviewing its account.
A BSkyB spokesman said: "We have no current plans to change the account."
The respite came as Cordiant saw its shares slump earlier this morning to a new low, hitting just 7.5p after falling 14.29%, a fall of 2p, by 10am after it told the City that the offers currently on the table were unlikely to lead to a bid at its current share price.
The news brought some reprieve for Cordiant's share price it nudged up slightly to 7.75p, down 12.5% or 1.75p.
Last week, 北京赛车pk10 reported that the switch of the Sky ad account would be completed within the next two or three weeks if remuneration terms can be agreed.
The loss of the Sky account could have well be the end for Bates UK. The business is estimated to be worth 拢40m and was won by Bates in February 2001. HHCL's Sky Plus account is worth 拢10m.
Last week, Cordiant denied that it was in danger of losing its Sky business. "Knowing other agencies are all over your clients is very unpleasant," a senior executive told 北京赛车pk10. "The worry is that we won't have a business to sell unless we move very quickly."
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