- media21, the London based online media planning and buying specialist, is to be acquired by US interactive consultancy Beyond Interactive, which is a unit of Grey Global Group
Under the terms of the deal the current management team will stay in place and media21 will change its name to Beyond Interactive. Exactly how much Grey paid for media21, however, was not disclosed.
The deal marks Beyond Interactive's next step in its global expansion and follows the opening of offices in Hong Kong, China, and Mexico City.
Rick Sareen, co-founder of Media21 and chairman of the new European division, said: "We will grow the London office rapidly which will allow us to offer a wide range of digital services to new and existing clients, including our new brand planning function. Our core business will continue to be digital interactive advertising and managing e-business relationships and affiliations for clients."
The London office will lead the establishment of a European network to add to Beyond Interactive's US presence and developing Far East concerns.
Edward H. Meyer, chairman, president and chief executive of Grey Global Group said: "This acquisition reinforces Grey's commitment to continuing to build its digital advertising presence. Our partnership with Beyond Interactive reinforces and demonstrates the state-of-the art interactive resources that we can offer our clients."