MediaVest UK parent company The MacManus Group has officially launched its independent global media company MediaVest Worldwide after a false start two years ago.
The brand was adopted in some European markets, including the UK, in April 1997, when the Media Centre was forced to change its name. The process was put on hold during last year’s failed merger talks with Leo Burnett’s worldwide media operation StarCom.
MediaVest Worldwide will have global billings of $8bn (4.8m) and include the current units of Media-Vest, TeleVest – the mammoth US buying operation – the media resources of advertising agency DMB&B and its sister agency network NW Ayer & Partners.
The move means employees in the advertising agency media departments will report to media management, with a new MediaVest Worldwide agency board, rather than ad agency bosses.
By removing media services from full service advertising, more resources will be available to media management to fund and build a global, coherent media network and compete more aggressively against media independents.
Kevin Malloy, former worldwide media director for DMB&B who becomes worldwide media director for MediaVest Worldwide, believes a media alliance with another company is still “possible”.
Roy Bostock, chairman and chief executive officer of the MacManus Group, says: “It’s clearly a better way to run a media organisation.
We needed to do this to maintain our position as a very competitive global operation.”
MediaVest Worldwide’s main clients include Procter & Gamble, Coca-Cola and General Motors.