Telstra axes BWM
Ad agency BWM has lost Telstra – its biggest account. The announcement came in a notice from parent company Photon Group to the ASX.
The ASX announcement said the account was worth $10m-15m. The contract will be terminated at the end of July.
Shares in Photon immediately plunged by 6%, taking the company’s stock below 5c for the first time. Photon now has a market capitalisation of just $80m. its shares are now worth less than half the level they were at the time of the company’s emergency recapitalisation late last year.
No point in BMW complaining about it, no-one at Telstra will answer the phone!
OUCH!!!!!!!!!!!!
This was known over 2 months ago. Thanks for the new news!!
Hi Anonymous.
If you knew about it, I do hope you shorted Photon. Assuming you weren’t insider trading, you’ve had made a fortune.
Or perhaps you’re mistaken.
Cheers,
Tim – Mumbrella
Who have Telstra appointed?
Well said Tim…
Well said Tim, It’s amazing how people think certain news is old when it is only just released by the agency themselves
Cheers
Chris
“BWM had also been clsoe to former Big”. sure it’s friday arvo and you’re keen to break a story but still worth getting someone to proof articles before they go out.
You are right Alan it must have been very hard promoting a communications company that doesn’t communicate.
I thought BWM were doing a good job but what does that mean?
Why did they get canned and not Ogilvy?
Their work was consistently better, the service was better and they were not as linked to someone as people thought.
Interesting choice – as good as the decisions made (and soon to be unmade if the rumours are correct) in the recent restructures at the Big T.
Nice reference to Justin and Amanda, not surprising when you know the story of the pitch. Win with nothing, lose with nothing.
Regarding the first comment, I’m not sure why BMW would be complaing. Would they be expecting a drop in sales of the M6 maybe?
oops … complaining.
Great response Tim,
A typo on the stock price, its 5c not 50c, alot of shareholders and directors of Photons agencies can only pray for 50c
Photon was an underperform/sell earlier this month, dread to think what it is now. Fire sale of its ‘sellable’ assets will be next although BWM was one of those assets up until today.
getting ready for a few *edited by mumbrella for legal reasons* to be appear.
here comes Goodby and San Fran jaunts for Buckman.
I thought their work was pretty good…..who did better on their current roster? Odd.
seriously though, that’s a pretty amazing track record of work for any agency, ESPECIALLY working on telstra. degree of difficulty = astronomical.
Telstra has just axed their most awarded agency. The DDB, buckman and collis work will need to be outstanding to prove this was the right decision. No pressure guys.
C’mon… we all know that account is going to Goodby.
😉
Not a lot of frequent flyer miles from 400 George street to Ultimo…
Trying to communicate with Telstra over the phone causes more self harm than meth addiction does in Australia.