The Publicis Omnicom Group was a proposed advertising conglomerate announced on July 28, 2013 to be formed from a merger of Publicis and Omnicom. The merger would have created the world's biggest advertising group with market capitalisation of $35.1 billion, pro-forma revenue of $22.7 billion, and more than 130,000 employees across the world. After the merger, Publicis Omnicom and WPP would have been considered the largest advertising groups in the world. The Publicis and Omnicom chief executives heralded the proposed operation as a "merger of equals" saying that Publicis and Omnicom shareholders will each hold about 50 percent of the new group's equity. The group would have had head offices in Paris and New York.