Anup Jalan, co-founder and promoter of Madison Outdoor Media Services (MOMS), has sold his 49 per cent stake in the outdoor media planning and buying outfit to Madison Communications, following which Madison now wholly owns MOMS. Jalan now intends to fully concentrate on his venture in Dubai, Right Angle Media FZ LLC.
Incidentally, Right Angle Media started out as a 100 per cent subsidiary of MOMS India, but now Madison Communications has moved out of this venture. Right Angle Media is now a wholly-owned subsidiary of Laqshya Media Pvt Ltd, a company jointly owned by Jalan and his brother.
Confirming the development, Sam Balsara, CMD, Madison Communications, said, “It is true that Anup Jalan has sold his entire stake to Madison Communications. When we started MOMS about five years ago, Jalan had joined the joint venture as he brought immense knowledge and expertise in the domain. Subsequently, he moved to Dubai and it was impractical to remain a stakeholder in MOMS, hence the decision to move out was mutually consented.”
Commenting on his decision to sell his stake, Jalan said, “This decision was the outcome of two years of protracted negotiations between both the parties.” After having absolved himself of all responsibilities and liabilities from MOMS, Jalan will fully concentrate on his Dubai and Middle East operations.
Right Angle Media FZ LLC is involved with the Dubai Bus Queue Shelter project involving the installation of over 815 air-conditioned bus queue shelters by the end of 2007. This will enable Right Angle Media to launch over 2,815 backlit advertising panels of various formats by the year-end.
Right Angle Media is also concentrating on entering various lucrative outdoor media advertising projects across the Gulf Cooperation Council (GCC) countries comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.
It may be recalled that in January 2007, Balsara launched an independent, second outdoor agency, Platinum Outdoor, with Arminio Ribeiro as CEO.