Sorrell acquires MediaMonks
The Former WPP Chief Executive Officer, Sir. Martin Sorrell has acquired the Dutch digital production company MediaMonks.
The company was bought over through Sorrell’s S4 Capital, his new multinational communication services business.
The acquisition for an undisclosed sum by S4 Capital was confirmed early this morning in an announcement to the London Stock Exchange.
Shareholders of MediaMonks, which has revenues of $129 million, will receive cash and shares in S4 Capital.
S4 describes the deal as a “merger” and says its objective is to “provide clients with digital services, which are agile, efficient, and of premium creative quality.”
In a statement from MediaMonks (in which Sorrell is described as a “Senior Monk”), Sorrell states: “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.”
Victor Knaap, CEO of MediaMonks, adds: “I’m privileged to be shaping the future of the creative industry alongside a man with an unprecedented reputation for building successful businesses. We’re not selling out, we’re buying in.”
Sorrell fought off competition from his former firm, WPP, to acquire the company. We’ll have to wait to see whether WPP will carry out its threat, made last week to strip Sorrell of his WPP exit payoff.
Source: adage.com
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