Balsara buys 51% in MediaCom

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Mumbai, Apr 2 : Sam Balsara, principal shareholder of Madison World Companies, has acquired 51% stake in MediaCom India Private Ltd, a WPP-owned media agency in India. With the majority stake, Balsara will be chairman of the company whereas Divya Gururaj will continue as managing director of MediaCom. The company will report to Balsara and GroupM will not be involved in managing the company, according to a statement from Madison Media.

Meanwhile, Procter & Gamble India (P&G) has awarded its media buying and planning account to Madison MediaCom Combine effective from July 1 this year. Announcing the deal, a spokesperson from P&G said, “In November 2007, as part of standard corporate requirement to ensure that the best agency resources are working on the business, P&G India undertook a review of its media agencies. We are happy to share that based on the results of the evaluation. We have awarded our media account to Madison Mediacom Combine.” P&G India’s media business is estimated to be around Rs 200 crore.

When contacted, Sam Balsara, chairman of Madison World said, “I am delighted at P&G’s decision. I look forward to making MediaCom a powerful media agency like Madison Media.”