The restructuring at Interpublic Group continues apace with the creation of Magna Global, a media Goliath melding the group’s planet-wide media negotiations.
Magna goes live on September 1 with offices in New York, London and Hamburg; and aggregated media billings estimated at nearly $40 billion. It will negotiate prices, added-value programs and programming opportunities with media owners across the world, although planning, buying and research remain with each account’s respective media or brand agency.
The new venture will not supplant IPG’s two extant media networks, Initiative Media and Universal McCann. The aim is to “leverage all of our clients' assets in a consolidated market,” explains IPG executive vp and chief marketing officer Bruce Nelson. “We already have two powerhouse media organizations. Now we're looking to move up to the next level.”
The move – the first of its kind on a global scale – extends a concept pioneered by Intensive Media, an IPG-owned media negotiating operation based in Hamburg, Germany. It has already collaborated successfully with IPG’s established media networks.
Magna Global will he housed within IPG's newly re-branded Advanced Marketing Services group [WAMN: 11-Jul-01] Fronting Magna as chairman is Bill Cella, Universal McCann executive vp and director of US national broadcast and programming.
News source: CampaignLive (UK)