Dive Brief:
- On Monday, September 29, Horizon Media Holdings and Havas unveiled a new joint venture named Horizon Global, as detailed in a recent press release. This collaborative entity is set to emerge as a leading global media investor, boasting a remarkable $20 billion in total global billings.
- Based in New York, Horizon Global will cater to U.S.-centric international clients, merging Horizon’s Blu platform with Havas’ Converged.AI platform under the banner of BluConverged. Meanwhile, Horizon Media and Havas Media Network will maintain their independent operations.
- Executives herald Horizon Global as the inaugural agency network forged in the era of artificial intelligence (AI), assuring clients of a “seamless, AI-native experience.” This venture is launched in an environment marked by heightened mergers and acquisitions within the agency sector.
Dive Insight:
The establishment of Horizon Global arrives at a “dynamic moment” for the advertising industry, according to Bob Lord, the interim CEO of the joint venture. Agencies are confronting not only the ascension of technologies like generative AI, but also intensified category consolidation that amplifies competition and scale.
Notably, Omnicom Group and Interpublic Group are on a trajectory to create the world’s largest advertising holding group, having secured a finalized consent order from the Federal Trade Commission last Friday.
“We meticulously architected Horizon Global to usher in a new epoch of connected intelligence, innovation, and client value,” remarked Lord regarding the joint venture.
“With the BluConverged Platform, alongside our teams and partners, we are well-equipped to fulfill the escalating demand for performance-based media models and foster sustainable growth for the exceptional brands we are privileged to represent.”
The BluConverged platform, which synthesizes the AI-driven capabilities of both entities, lies at the heart of this new venture, with Horizon Global vowing that AI will enhance insights, objectives, and transparency for its international clientele.
Although the company aims to serve U.S.-centric global clients, Horizon Media and Havas Media Network will continue to function independently, maintaining distinct client portfolios, brand identities, and new business initiatives.
Appointed in January, interim CEO Lord also holds the title of Horizon Media’s inaugural president, having previously dedicated nearly a decade to IBM, where he was the first chief digital officer.
Additionally, Renata Spackova has been designated as global chief operating officer, tasked with steering the “strategic deployment” of Horizon Global across over 100 international markets.
This joint venture represents just one of several recent maneuvers in the media agency landscape aiming to strategically position companies ahead of the anticipated Omnicom-IPG merger.
Earlier this month, Empower Media and Ocean Media joined forces, establishing the Empower Ocean Media Group, effectively consolidating $1.5 billion in media billings.
Source link: Marketingdive.com.
