It has been a good year for Mediaedge:cia (MEC) so far. Last month, Zee Entertainment broke its seven-year relation with Madison Media and moved to MEC, and this month, Colgate Palmolive and TME have “mutually agreed to part ways”, ending a 25-year long relationship, and the FMCG major has landed in MEC’s kitty. Industry sources peg the business in the vicinity of Rs 250-300 crore. The reason cited is global realignment.
A press statement issued by TME on February 15, 2010, informed that Colgate Palmolive had aligned the media business worldwide with MEC in 2004. The statement said, “India was the only country where TME had the media mandate until now, due to the exemplary work carried out by the agency. However, due to new contractual terms coming into effect in 2010, the re-alignment has been brought into effect this year in India as well.”
Divya Radhakrishnan, President, TME, said in the statement, “It has been a great journey, and we are extremely proud of our association with Colgate Palmolive. To be able to retain the business for six years is a tribute to the great work that the team at TME has done over the years. Global realignments are a modern reality and it’s a pity that a great partnership has to end due to matters beyond our control.”
MEC officials couldn’t be contacted at the time of filing the report.