According to multiple sources, agency employees came to work Friday and an email was sent out early in the morning informing them that all offices of the company would be closing, effective immediately. Staffers are being paid through today and are getting one-third of their accrued vacation pay, a person close to the situation said, with no severance or extended health insurance coverage.
Given agencies’ role as intermediaries in the ad business, often receiving funds from clients and placing orders with platforms carrying brand messages, the sudden move stunned many players in the ad community. It leaves questions about the fate of the marketing budgets Palisades controlled, some of which reached into the millions of dollars.
Palisades owner and CEO Roger Schaffner did not immediately respond to email and voicemail messages from Deadline. General messages to the company also were not returned.
Using the motto “speak softly and hustle hard,” the agency handled media buying, creative and social media for a range of clients. Along with Netflix, the company’s website listed entertainment and cultural clients like Bleecker Street, Orion Pictures, the Hollywood Bowl, the San Francisco Opera and smart-TV maker Vizio. Beyond the world of media, its roster also included Duluth Trading Co., Pacific Life and Zelle.
The company’s most recent post on its corporate Facebook account came last Tuesday. “Congratulations to Netflix for the 105 Emmy nominations!” the post read. “We are so proud of our partners and PMG’s team for this recognition and future success.”
Nellie Andreeva and Anthony D’Alessandro contributed to this report.