• Campaign, Tuesday, November 25, 2014 9:19 AM

Cheil Worldwide is buying a stake in Iris as part of a deal giving the South Korean agency group the option to later acquire 100 percent of the business. As part of the initial agreement Cheil Worldwide has taken a "significant initial investment" in Iris, which could potentially rise to 100 percent of the business over the next five years. Iris said that it would remain a separate entity to Cheil but that the deal would give it access to greater resources. Cheil will buy the U.S. publisher Meredith out of its minority stake in Iris.

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