Japan buyout

MCCANN-Erickson Worldwide has bought out the remaining 49 per cent equity in its Japanese joint-venture with the Hakuhodo Corp.

The move gives McCann control over the agency, which had billings last year of more than US$750 million in the key Japanese market, but ends a 33-year collaboration dating back to the founding of the agency in 1960.

Except for the change of name - to McCann Erickson Japan - the agency's operations will be otherwise unaffected, and will remain under the control of chairman Koji Oshita.