Another media owner just entered the agency sector. Metrocorp, parent company of Philadelphia and Boston magazines, confirmed it has purchased a majority interest in Slice
Communications, a social media and public relations shop based in Philadelphia.
The deal is the latest example of a media company buying into the agency business.
Both Hearst and
Meredith have invested in well-known shops. In 2010, Hearst bought digital shop iCrossing for more than $300 million. That same year, Meredith purchased mobile specialist The Hyperfactory. Terms of
the Slice acquisition were not disclosed.
Under the new ownership, Slice will develop and implement social media strategies and projects for Metrocorp print and digital properties, its advertisers and sponsors, and other unrelated businesses, the buyer said. Slice partners Staci Bender and Cassandra Oryl retain a minority stake in the business and will continue to oversee day-to-day operations, business development, and client service, per Metrocorp.
“Our magazines have always been about creating and delivering content that starts conversations, and Slice Communications will help us expand on that through strategic social media,” stated David Lipson, president of Metrocorp. "A significant portion of our Web traffic is driven by social media now, and we view this partnership as helping us further engage and develop our community utilizing the strategy, insights, and analytic tools that Slice brings.”
Slice Communications was founded in 2008, working primarily with technology and nonprofit clients in the Philadelphia area. Today, the firm works with technology, manufacturing, consumer products, professional services and nonprofit companies nationwide.