The following is an excerpt from SUZANNE VRANICA, MAUREEN FARRELL and STEVEN PERLBERG | January 25, 2017 | WSJ.com |
As Snap Inc. woos Wall Street ahead of its initial public offering, the parent of the popular messaging app is also spending plenty of time courting another constituency: advertisers on Madison Avenue.
The Venice, Calif. company is in talks with the media-buying arms of several big advertising companies, including WPP PLC, Omnicom Group Inc., Publicis Groupe SA, and Interpublic Group of Cos., and is seeking ad-spending commitments of $100 million to $200 million for 2017 from each firm, according to people familiar with the discussions.
That would be roughly double or triple the amounts the ad companies spent last year. Snap is looking for yearlong and in some cases multiyear deals, the people say.
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