MUMBAI: Mogae Media, an integrated marketing and communications investments company owned by media and advertising veteran Dr Sandeep Goyal, has acquired a controlling stake in Rediffusion and its sister concern Everest Advertising for an undisclosed amount.
The acquisition will now be merged under the Mogae brand and will not function as a separate entity.
As per media reports, Rediffusion partners Arun Nanda and Ajit Balakrishnan, who held 50 per cent each, will hand over day-to-day operations of the agency to Goyal, who was once the president of Rediffusion Y&R from 1997 to 2001.
While Goyal will take over as managing director at the newly acquired agency, Nanda, who founded Rediffusion along with Balakrishnan and Mohammed Khan in 1973, will remain chairman.
The sale of Rediffusion comes nearly three years after Nanda and Balakrishnan acquired the combined 40 per cent stake of WPP agency Y&R (26.67 per cent) and Dentsu (13.33 per cent), in the agency, Business Standard reports. Before the transaction, the agency was branded as Rediffusion-Y&R.
