The Switzerland-based media conglomerate, Publi Promotion Network is acquiring 40 per cent stake in the Mumbai-based media buying major for an undisclosed amount. The equity infusion is being routed through the Hong Kong subsidiary, Publi Promotion Network Asia Holdings.
Mediascope and the Swiss media major have struck the equity acquisition deal last week and is currently in the process of getting the mandatory governmental approval for sealing the deal.
Mediascope will be using the equity infusion from the Swiss media major for funding its ambitious expansion plans. The company, which has about 15 offices in India, is learnt to be planning to expand its sourcing and distribution network in a big way. The new joint venture initiative will help Mediascope piggyride its way into 56 countries.
Publi is known to have a mammoth network across the globe, which is expected to come handy when Mediascope negotiates rates for space in publications in respective countries.
Mediascope represents international media for sourcing advertisements from India. The 20-year old company has been working closely with Forbes, New York Times, Financial Times, IT mag Red Herring, Khaleej Times, Asia Week, The Condenast Group of Publications and others.
Its clientele includes the Taj Group of Hotels, The Oberoi Group of Hotels, CII and Nasscom among others who avail of its services for their overseas dos. From roadshows, to seminars to conferences to brand building, Mediascope has been doing them all for a long time now.