Sir Martin Sorrellâs new venture S4 Capital has acquired the creative digital production company, MediaMonks, outbidding his former agency WPP. This comes even after WPP threatened to stop Sorrell's severance package of more than ÂŁ20 million in share awards, if he proceeded with the acquisition.
The deal is believed to be the largest of its kind for a creative production and is described by both parties as a merger. MediaMonksâ 750 people strong global company will now come under Sorrellâs new venture S4 Capital.
Speaking about the acquisition, Sir Martin Sorrell said, âWe're delighted to join forces with MediaMonks. This represents a significant step in building a new age, new era, digital agency platform for clients. MediaMonks' roots are totally in new media, and data, content and technology. Our next moves will be to build this platform further and to add meaningful data analytics and digital media buying. The company will be a unitary one with MediaMonks as its core.â
Chief Executive of Media Monks, Victor Knaap said, âWe are proud to confirm that, with immediate effect, MediaMonks has joined forces with S4 Capital. The merger represents a pioneering move for the creative industry towards next-generation communicationsâ.
MediaMonks, with 11 offices in 10 countries in Asia, Europe, Latin America and the US, is believed to have revenue close to âŹ110 million.
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