NEWS: Frame Store clears up confusion over Megalomedia deal

The Frame Store, one of London’s leading post-production houses, has moved quickly this week to clarify press stories about its relationship with Maurice Saatchi and Josephine Hart’s new company, Megalomedia.

The Frame Store, one of London’s leading post-production houses, has

moved quickly this week to clarify press stories about its relationship

with Maurice Saatchi and Josephine Hart’s new company, Megalomedia.



Megalomedia was unveiled as the tongue-in-cheek new name for Graduate

Appointments, the recruitment company majority-owned by Hart which

Saatchi chairs. At the same time, the company acquired shares in both

the Frame Store and Forward Publishing, previously owned by the

investment company, Landau Enterprises.



Landau, whose investors include the likes of Maurice and Charles

Saatchi, Mick Jagger and Ahmet Ertegun (the founder of Atlantic

Records), held a 40 per cent share in the Frame Store. The remaining 60

per cent of shares continue to be held by the founders and managers of

the Frame Store.



The Frame Store’s managing director, Sharon Reed, said: ‘In view of the

publicity attending the recently announced transaction, I should

emphasise that our commercial relationship to date has been entirely

with Landau itself, not with its shareholders. Over the five years of

Landau’s involvement, we have never traded with, met, nor indeed had any

contact with, its individual investors.’



Forward, the contract publishing company run by William Sieghart and

Neil Mendoza, is best known for publishing magazines for the likes of

NatWest, Gallaher and Marks and Spencer. Earlier this year, it launched

a joint venture contract publishing company with Conde Nast.



Megalomedia is expected to make further acquisitions in the media

services area shortly.



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