Oz Media Buyer's A$100m Christmas Cracker

20 December 2006

SYDNEY: Santa will this year be accompanied by Wells Fargo when he calls on Australia's best known media planning and buying tycoon Harold Mitchell and his family.

Clearly of the belief that Yuletide charity begins at home, patriarch Harold has juggled his multiple media assets into a Christmas cracker containing a fortune cookie worth around A$100 million (US$77.95m; €59.63m; £40.06m) to himself and his family.

He achieved this financial feat by merging his online advertising company eMitch with sibling media buying and planning agency Mitchell & Partners.

The melding also includes stadium advertising and branded content provider Stadia Media. Plus brand marketing agency Spark Impact, corporate social responsibility consultants Positive Outcomes and direct marketing agency dmitch.

Boasts eMitch chairman Garry Hounsell: "The new company will be the largest listed communications group in Australia."

Nor is the patriarch parsimonious with the hype: "Together with the largest digital media offering in the country, the company is set to take full advantage of the phenomenal growth in online advertising which is currently growing at more than 50% a year," he said.

"The combined group will have a solid platform to grow earnings through the offering of a truly integrated marketing product to an extended client base."

And so, as Tiny Tim observed: "Gold bless us, every one."

Data sourced from Sydney Morning Herald; additional content by WARC staff