Alchemedia will be merged into GroupM Korea. Both companies will begin operations together as GroupM Korea, effective from this month.
The combined business will be led by Adam O’Neill as CEO of GroupM Korea and Alchemedia's Seonkoog Cho as COO. Initial clients will include Audi, GSK, Hicos Fragrances, IBM, LG Electronics, Lock & Lock, P&G, Sejung Fashion, Red Bull, Rolex and VW.
The investment continues WPP’s strategy of developing its networks in fast-growing and important markets and sectors.
South Korea’s media spend in 2012 is forecast to reach around US$8.7 billion (KRW 9.95 trillion), a 6.5 per cent increase from the previous year, according to GroupM.
Mark Patterson, CEO of GroupM APAC, said the acquisition establishes GroupM as the leading media agency in Korea.
“Just over a year after our launch, completing this next phase of our growth plan keeps us well on track with our ambitions. Seon and his team and clients joining motivates us all to continue our development in this incredible country for our clients and our people,” added Patterson.
O’Neill said that Alchemedia is an “obvious partner” when building out GroupM’s four agencies Maxus, MEC, Mediacom and Mindshare.
“We now have an even more significant story to take to clients and media partners which will ensure we are focused on delivering the most insightful, effective, competitive and value-based campaigns for all our clients.”
