WPP, Sam Balsara and Lara Balsara Vajifdar on Friday announced that WPP has purchased the remaining 26 per cent stake in MediaCom Communications Private Limited in India from Sam Balsara and Lara Balsara Vajifdar.
“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,” Balsara said.
According to an official statement, following WPP’s decision to merge Essence and MediaCom globally, Sam Balsara and Lara Balsara Vajifdar entered into a discussion with WPP agreeing to exit MediaCom in the interest of MediaCom clients to enable the merger.
The initial agreement between WPP and Sam Balsara and his family dated back to
2008, under which Balsara family owned 51%, the official statement highlighted. In 2017 Balsara family sold 25% to WPP. “This deal between WPP and the promoters of Madison contributed to the rapid growth that MediaCom experienced in India, making it today one of India’s most respected agencies,” the statement 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,” Nick Lawson, global CEO, MediaCom, stated.
On April 26, 2022, WPP announced that global agencies MediaCom and Essence would merge to form EssenceMediacom.
