King of Madison Avenue? No agency can hang on to that crown for long these days, thanks to an epic acquisition binge. Only two weeks ago, the merger of three large firms--BBDO International, Doyle Dane Bernbach Group and Needham Harper Worldwide--created the biggest agency in the world (estimated annual billings: $5 billion). But that superdeal appeared to have been surpassed last week when London's Saatchi & Saatchi agreed to buy Manhattan-based Ted Bates Worldwide for an estimated $350 million. Those two companies, which are expected to announce the deal early this week, will have billings of about $7.5 billion. Ted Bates,...
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