Sorrell confident of TNS deal

Sir Martin Sorrell, the chief executive of WPP, is unhappy with the lack of information he is getting from TNS and has requested more detail on how his quarry and GfK have reached a figure of £76 million in potential cost synergies from their proposed merger - even after he met for nearly five hours with the management of TNS last week.

Reports from Germany suggest that support for the merger is waning. GfK insiders are increasingly concerned that hundreds of jobs will be cut to bring about the mooted cost savings and that there will be a loss of management control.

More TNS shareholders are believed to be warming to the WPP approach, but will they be willing to change their minds and accept an offer from Sir Martin south of 300p? He is confident.

Exit Wendy Pallott

As reported here recently, Charles Allen's Global Radio was keen to hold on to Wendy Pallot, the GCap finance director, after its takeover. Although Global Radio is understood to have asked the experienced cost-cutter to stay on while it ekes out savings at the new group, we can reveal that she has decided to leave.

The only former GCap senior executive remaining, she says that she is looking for a new challenge and especially likes life as part of a listed company. She is scheduled to leave on July 18. We expect that there should be no shortage of openings for experienced belt-tighteners such as Ms Pallot in these troubled times.

DreamWorks finance

As the DreamWorks film studio seeks finance for life as an independent when its contract with Paramount expires at the end of the year, alternatives to the proposed deal with Reliance have been emerging.

Although it is likely that DreamWorks will raise $500 million (£252 million) to $600 million in equity as a result of its negotiations with the Indian conglomerate, and another $500 million in debt from banks to finance a yearly slate of four to six films, there is speculation that it could also try to raise $1 billion in equity and another $1 billion in debt to bankroll the production of eight films a year.

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