Balsara Family Exits Agency After WPP Acquires Remaining 26% Stake In Mediacom
Back in 2008, WPP and the Balsaras had entered into a joint venture and under such arrangement, the Balsaras held 51 per cent stake and the rest remained with WPP
WPP, Sam Balsara and Lara Balsara Vajifdar in an announcement informed that it purchased the remaining 26 per cent stake of the Balsara family, on 7 October.
As a result. the deal will mark the exit of Balsara family from the agency. The deal could not be worked out immediately.
“Almost 15 years ago we invested in this innovative partnership. It has been a great success for all parties involved. MediaCom in India established as a fast-growing and highly respected agency by advertisers,” said Balsara.
Sam Balsara and Lara Balsara Vajifdar discussed with WPP to exit the agency, after WPP’s decided to merge agencies Essence and MediaCom globally in April according to a statement from MediaCom.
Back in 2008, WPP and the Balsaras had entered into a joint venture and under such arrangement, the Balsaras held 51 per cent stake and the rest remained with WPP. However, in 2017, the Balsara family sold one-fourth of their 51 per cent stake to WPP.
“The rapid growth that MediaCom experienced in India, is due the the deal between WPP and the promoters of Madison. It has made it today India’s one of most respected agencies,” the statement added.
“Working with Sam Balsara and Lara Balsara has always been a pleasure and it gave successful growth to the business in India. With pioneering digital expertise running throughout, we will build on that legacy to deliver the agency model our clients future-founded wants on brilliant strategy and brand-building capabilities,” said Nick Lawson, global CEO, MediaCom.