Omnicom Media (OMC) Notably Increases Spend with iHeartMedia

Omnicom Media Group, of Omnicom (NYSE: OMC), is said to have markedly increased its spending on iHeartMedia, the nation's largest radio broadcaster.

The WSJ said Omnicom Media will spend $200 million annually with iHeartMedia, which is a double-digit rate of increase versus what was spend with the broadcasters predecessor, Clear Channel.

Omnicom Media Group CEO of North American investment John Swift commented, Radio is still a really important medium to a lot of our clients, especially our retailers ... For a lot of our retailers, from a traffic driving perspective, [radio] complements the rest of its media at a very efficient cost.

Omnicom shares are down 1.3 percent.

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