Foster is currently the UK unit’s commercial director. He will now be responsible for the development and execution of GroupM Entertainment’s business in the UK and will help structure and oversee a coordinated global strategy for all GME content-focused initiatives.
He will report to London-based Nick Theakstone, CEO of GroupM UK, and Los Angeles-based Peter Tortorici, CEO of GroupM Entertainment Worldwide.
His will focus on all financial aspects of the creation, production and distribution of content for projects. He will work in partnership with companies across the entertainment sector on projects including co-productions, deficit financing, co-development agreements, and distribution agreements.
Foster’s new role will concentrate on GME financing, with branded content projects remaining the province of GroupM’s operating units: Maxus, MediaCom, Mediaedge:cia and MindShare.
“We are very excited about the progress made and the opportunities ahead in content, finance, and distribution,” says Theakstone. “Richard has driven our success, which is why we are delighted he is now in a position to take us to the next level.”
Foster adds, “The key to our success has been to understand and demonstrate added value to our partners, including Broadcasters, and as the entertainment industry faces increasing financial pressures, we will continue to work with companies across the sector to develop and provide new finance and revenue models.”
Foster joined GroupM Entertainment in January 2008 and previously served as a London-based senior vice president for Fox TV Studios. In that role he developed new content production and finance models across Fox TV Studios’ international production businesses.
He also previously worked as business development director for media services agency OMD in London.