Crispin, Porter + Bogusky Ventures Into Europe

http://online.wsj.com/article/SB124467690175504147.html?mod=dist_smartbrief

Crispin, Porter + Bogusky, one of the more-successful U.S. advertising agencies, said it is expanding abroad, launching CP+B Europe by acquiring Daddy, a digital-ad firm in Gothenburg, Sweden.
Daddy, which has 50 employees, works on behalf of marketers including H.J. Heinz and the Scandinavian airline SAS. Terms of the purchase weren't disclosed.
That geographic footprint has helped during economic slowdowns. Ad giants and their corporate owners have enjoyed a bit of a buffer during this recession, too, from their exposure to marketers in China and India, where the business is still growing.
While Europe's ad market is also suffering a major pullback, it is expected to perform slightly better than North America's this year. Ad spending in North America is expected to slide 8.3% in 2009, compared with a 6.7% decline in Western Europe, according to ZenithOptimedia, the media-buying firm owned by Publicis Groupe.

http://adage.com/agencynews/article?article_id=137228