 "Merger")
Media agency GroupM, part of the world's leading global media investment group WPP, on Tuesday said it will be acquiring a majority stake in MediaCom India, a joint venture between GroupM India and Madison Media group's principal shareholder Sam Balsara.
"This acquisition continues WPP's strategy of investing in fast growth markets, new media and digital. While MediaCom India will continue operating as an independent brand, the agency will have the advantage of access to GroupM's global infrastructure," GroupM said in a statement.
Founded in 2007, MediaCom India became a joint venture in 2008 and over the last eight years, MediaCom India has established itself as one of the top five media agencies in the market in terms of market share.
"The majority acquisition of MediaCom in India represents a significant evolution in one of the world's fastest growing economies. As India becomes a very attractive business hub for global clients, we are confident that our talented team in India will deliver exemplary growth and results for all stakeholders," MediaCom Worldwide CEO Stephen Allan said.
GroupM South Asia CEO, CVL Srinivas said, "MediaCom India has won several prestigious clients, developed a strong digital presence and has delivered award-winning campaigns for clients. As a network, we have taken giant strides globally and in India towards a more data and tech-led core to our business.
