Mumbai: WPP announced that it has purchased the remaining 26 per cent stake in MediaCom Communications in India from Sam Balsara and Lara Balsara Vajifdar.
According to the deal signed, Sam Balsara and Lara Balsara Vajifdar entered into a discussion with the network agreeing to exit MediaCom in the interest of its clients to enable the merger.
Sam Balsara and his family first entered into a contract with WPP in 2008 under which the Balsara family held 51 per cent. The Madison promoters sold 25 per cent of the business in 2017.
Speaking on the agreement, Sam Balsara said, “This innovative partnership we invested in nearly 15 years ago has been a great success for all parties. It has established MediaCom in India as a fast-growing and highly respected agency by advertisers.”
MediaCom Global CEO Nick Lawson commented, “It has been a pleasure working with Sam Balsara and Lara Balsara as we grew this successful business in India. We will build on that legacy to deliver the agency model our clients want for the future - founded on brilliant strategy and brand-building capabilities, with pioneering digital expertise running throughout.”
This acquisition is a part of WPP's strategy of investing in fast growth markets, new media and digital. On 26 April 2022, WPP announced that global agencies MediaCom and Essence would merge to form EssenceMedia.com.