GroupM announces portfolio reorganization
Maxus and MEC Merged into New Global Network; Essence’s Digital-First Media Services Expanded with Offline Capabilities
NEW YORK — GroupM, the world’s leading media investment group, today announced a portfolio restructure to improve service and delivery to clients.
GroupM is committing to the expansion of Essence, its digital-first agency, by adding traditional media capabilities and a larger geographic footprint to the agency’s existing media and creative credentials. In time, Essence will also lead several key GroupM client relationships as part of this restructure.
GroupM is also merging the global operations and teams of its agencies MEC and Maxus into a new billion dollar revenue, media, content and technology agency under the leadership of MEC’s CEO Tim Castree.
GroupM’s portfolio will now comprise three successful global media agency networks -- Mindshare, MediaCom, and the new company – each with more than one billion dollars in annual revenues, plus an innovative digital-first agency, Essence. GroupM also plans new investments across all of its agencies and its [m]PLATFORM data and technology capabilities.
“We’re committed to improving our service to clients. These moves will give us greater focus, help us innovate, and improve our speed of delivery,” said Kelly Clark, Global CEO, GroupM.
Since Clark became global CEO in October 2016, GroupM has made a number of organizational changes. Clark recently appointed Lindsay Pattison as GroupM’s Chief Transformation Officer to lead a range of transformation initiatives.
GroupM acquired Essence in November 2015.
“The leadership team at Essence is excited about the opportunities this creates for our clients and our people,” said Christian Juhl, CEO, Essence. “Our mission is to make advertising more valuable to the world; with this infusion of talent, capabilities and markets, we can do this now on a bigger stage.”
Clark named Castree CEO of MEC in November 2016.
“Maxus and MEC share common values and ambitions. Both networks have a strong local market presence and entrepreneurial drive. Together, we believe we can create an exciting new media, content and technology agency which we look forward to introducing soon,” said Castree.
“We’ve clearly signaled our ambition to transform, and we mean business,” said Pattison. “This allows us to more meaningfully invest in each agency’s future – retaining and attracting the best talent with inspiring and rewarding workplaces, creating differentiated cultures and approaches, and sharing in a focus on helping clients win.”
GroupM is the leading global media investment management company serving as the parent to WPP media agencies including Mindshare, MEC, Mediacom, Maxus, Essence and m/SIX, as well as the programmatic digital media platform, Xaxis, each global operations in their own right with leading market positions. GroupM’s primary purpose is to maximize the performance of WPP’s media agencies by operating as leader and collaborator in trading, content creation, sports, digital, finance, and proprietary tool development. GroupM’s focus is to deliver unrivaled marketplace advantage to its clients, stakeholders and people, and is increasingly working closely for the benefit of clients with WPP’s data investment management group, Kantar. Together GroupM and Kantar account for over 50% of WPP’s group revenues of more than $20 billion.
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