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GlobalHue, formerly Don Coleman Advertising (No. 1 on the BE ADVERTISING AGENCIES list with $330 million in billings), reported that it has recently acquired Innovasia, a full-service Asian American advertising agency with estimated billings of $20 million for 2002. Los Angeles-based Innovasia’s clients include Qwest, Samsung, United Parcel Service, Union Bank of California, and Wells Fargo. The terms of the deal were not disclosed. President and CEO Donald Coleman (photographed above) expects GlobalHue’s billings to increase some 15% on the strength of the recent acquisition and a new deal signed with Chrysler Corp. The automaker increased its advertising budget with GlobalHue to $140 million from $40 million.
Russell Simmons, CEO of Rush Communications (No. 16 on the BE INDUSTRIAL/SERVICE list with $192 million in revenues), is closing the doors to dRush, its New York City-based, urban-focused advertising agency. A 50/50 joint venture with Deutsch Advertising CEO Donny Deutsch, 2001 billings for the 3-year-old venture — that serviced clients such as Miller beer, HBO, and Courvoisier cognac — totaled $100 million. The closing will result in the layoff of 10 dRush staffers. Rush Communications was BE’s 2002 Company of the Year, posting a 92% increase in sales on the strength of its apparel division.
M&F Bank (No. 12 on the BE BANKS list with $167.5 million in assets) was awarded a $297,000 grant under the 2002 Bank Enterprise Award Program in recognition for its community development activities. The Bank Enterprise Award grants enable banks to expand access to credit, capital, and financial services within economically distressed communities.