Publicis and IPG win Paramount’s media business
The move was likely a cost-savings effort, which would mean that Publicis most likely offered to secure lower rates for the entertainment company’s marketing efforts.
In a surprise move that happened last week but news of broke last night, studio and TV company Paramount moved its media business to Publicis and Interpublic Group, dealing losses to WPP and Horizon Media, according to sources with knowledge of the business. Apparently the move was made without a formal review.
While no party involved would confirm the moves on the record, Hollywood publication Deadline broke the news of the lion’s share of Paramount’s business moving from WPP Media to Publicis on Tuesday night. Deadline’s story attributed the move to a cost-savings effort, which would mean that Publicis most likely offered to secure lower rates for the entertainment company’s marketing efforts.
Digiday has confirmed that U.S. media for streaming service Paramount+, which has been handled by Horizon Media, was won by IPG’s Mediabrands. In total, Paramount is reported to spend about $600 million in media across its films, streaming service and other TV properties (including the former Viacom cable networks).
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