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The agency appears to be entering a new era after a period dominated by management disputes.
1989: Carat, the French media operation, takes its first stake in the UK agency TMD. TMD launched in 1972 as one of the UK's first independent media specialists and built a reputation as one of the best-run - and toughest - media buying agencies. Two years later, the agency becomes TMD Carat after a full Anglo/French merger.
1998: TMD Carat changes its name to Carat. The rebrand is intended to emphasise the agency's part in an international network. The name change affects all Carat UK companies with the exception of BBJ and Posterscope. Ray Kelly, the agency's …