The deal gives Interpublic a deeper investment in the growing entertainment-marketing arena, while Endeavor raises cash and is expected to continue its relationship with IPG in some fashion. Mark Dowley remains CEO.
Representatives from IPG and Endeavor declined comment.
The terms of the deal were unclear--but last week, while reporting that it had acquired "the remaining interests" in Endeavor Marketing, IPG said it spent $20.7 million in cash and deferred payments for acquisitions in the first half of the year. It said the bulk of the dollars were spent on the Endeavor deal and the acquisition of a digital/communications agency in the UK.
Endeavor Marketing was formed in 2000 as Hollywood agencies looked to diversify by serving as a link between corporate clients and the entertainment business. Clients have included American Express, AT&T and Revlon.
Dowley--who took over as Endeavor Marketing CEO in 2003--has had a lengthy relationship with IPG. He was named head of McCann's event/promotions work in 1997 at age 32, and then headed an IPG sports and entertainment group before joining Endeavor. Endeavor Marketing is based in New York, and its clients include American Express, AT&T and Revlon.
Before IPG took its stake in Endeavor Marketing, the group worked with Omnicom's media-buying operations on product placements for State Farm and Taco Bell.
The Endeavor talent agency is privately held.