WPP has announced that it has acquired the remaining 26% stake in MediaCom from Sam Balsara and Lara Balsara Vajifdar.
WPP had first invested in MediaCom in 2008. Sam Balsara and his family held a controlling stake in the agency till 2017. In 2017, WPP acquired a total of 74% of MediaCom to become a majority stakeholder.
Nick Lawson, global CEO, MediaCom, said, “It has been a pleasure working with Sam Balsara and Lara Balsara as we grew this successful business in India. We will build on that legacy to deliver the agency model our clients want for the future - founded on brilliant strategy and brand-building capabilities, with pioneering digital expertise running throughout.”
Sam Balsara said, “This innovative partnership we invested in nearly 15 years ago, has been a great success for all parties. It has established MediaCom in India as a fast-growing and highly respected agency by advertisers.”
On 26 April 2022, WPP announced that global agencies MediaCom and Essence would merge to form EssenceMediacom.