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Mediaedge:cia bags $900 million Paramount account

Indiantelevision.com Team

(28 June 2007 8:00 pm)

MUMBAI: Movie studio major Paramount has consolidated the global media accounts of Paramount Pictures International and Paramount Home Entertainment International with WPP Group's Mediaedge:cia.

The account is reportedly worth $ 900 million.

Mediaedge:cia US has been Paramount's agency of record in the US since 2004, in addition to handling 12 markets globally under United International Pictures (UIP) - the Paramount and Universal joint distribution arm that disbanded last year.

Paramount Pictures International commenced business on 1 January this year and has been reviewing its agency position in light of setting up dedicated Paramount offices in key territories around the world. The alignment with MEC will continue to evolve as new stand alone Paramount offices are opened over the next 18 months.

MEC has existing relations with UIP in Argentina, Finland, Norway, Sweden, Malaysia and Singapore.

"Our decision to consolidate global media communications with MEC and the GroupM network was driven by our desire to improve the effectiveness and efficiency of our media spending globally," said International Media VP Simon Combes.

Further adding, he said, "While we anticipate the move will deliver significant improvement in financial efficiency, we are just as excited by MEC's plans to introduce full picture life-cycle planning and replicate the level of strategic insights and business gains MEC has helped us achieve in other markets. As the media marketplace continues to consolidate, we see the increased potential for global media deals with our top media suppliers."

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