Advertising giants, Omnicom Group and Publicis Groupe, announced Sunday that they will merge to create the world's largest ad agency.
The newly combined agency, Publicis Omnicom Group, would have a stock market value of $35.1 billion and 130,000 employees worldwide.
Publicis, based in Paris, and Omnicom (, based in New York, together brought in revenue totaling $22.7 billion last year. )
Chief executives Maurice Lévy of Publicis and John Wren of Omnicom will act as co-CEOs for the next 30 months, after which Lévy will become non-executive chairman and Wren the CEO.
Publicis Groupe shareholders will receive one newly-issued ordinary share of the agency for each Pubicis share they already own, with a special dividend of €1.00 per share.
Omnicom shareholders will get .813 newly-issued shares, with a special dividend of $2 per share.