GroupM Acquires Majority Of Essence, Will Operate Independently As Part Of Its Portfolio

WPP’s GroupM unit has acquired a “majority stake” in independent digital media shop Essence Digital Ltd.

Terms of the deal were not disclosed, but the companies said Essence would become a part of GroupM’s “portfolio,” and would continue to operate as an “independent brand” capable of accessing GroupM’s “global reach and infrastructure.”

Founded in 2005 in London, with offices in New York, San Francisco, Seattle, Singapore and Tokyo, Essence has more than 500 people managing more than $700 million in digital media buys.

Essence emphasizes a “user experience” approach to digital media planning and buying and leverages data science, media and “experiences” to connect its clients brands with consumers.

Its roster includes Financial Times, Google, HP, Viber and Tesco Mobile.

While Essence will operate independently, GroupM said it would also begin collaborating more closely with its other portfolio shops, including Mindshare, MEC, MediaCom, and Maxus, "on specific assignments."

GroupM said it currently generates $6.9 billion in digital media revenues out of $19 billion in total media revenues, which are derived from $76 billion in media billings.

advertisement

advertisement

Next story loading loading..