July 16 (Reuters) - Omnicom Group ( OMC ) beat Wall

Street estimates for second-quarter profit and revenue on

Tuesday, driven by strong growth in its advertising and media

segment.

The upbeat results come as brands ramp up their ad spending

in the lead-up to the U.S. presidential election and events such

as the Paris Olympics after a prolonged period of lull in the

market.

The company's advertising and media segment, its largest by

revenue, grew 7.8% compared to same period last year.

Omnicom's ( OMC ) revenue stood at $3.85 billion in the quarter

ended June 30, compared with analysts' estimate of $3.82

billion, according to LSEG data.

The company's precision marketing segment which includes

Flywheel, e-commerce cloud platform grew 1.4%.

New York-based Omnicom ( OMC ), which competes with the Interpublic

Group of Companies ( IPG ) and UK's WPP ( WPP ), is one of the

world's biggest integrated advertising and communications firms.

After a stronger-than-expected ad market growth in first

quarter, IPG-owned Magna Global media research firm predicts

that the U.S. media owners' advertising revenues will grow by

10.7% to $374 billion this year from a year ago.

On an adjusted basis, the company earned $1.95 per share for

the reported quarter, compared with expectations of $1.93 per

share.

Last week, Omnicom ( OMC ) launched ArtBotAI, its next

generation intelligent content platform, which helps to create

content at scale without losing quality.