WPP acquires remaining 26% stake in MediaCom from Balsara family

Deal size not known immediately, marks the exit of the Balsaras from the agency

WPP, Sam Balsara and Lara Balsara Vajifdar on Friday announced that WPP had purchased the remaining 26 per cent stake of the Balsara family in media agency MediaCom.

The deal will mark Balsara family’s exit from the agency. The deal could not be ascertained immediately.

“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.

A statement from MediaCom said that after WPP’s decision to merge agencies Essence and MediaCom globally in April, Sam Balsara and Lara Balsara Vajifdar had entered into a discussion with WPP to exit the agency.

WPP and the Balsaras entered into a joint venture in 2008. Under the arrangement, the Balsaras held 51 per cent stake and the rest was with WPP.

In 2017, the Balsara family sold 25 per cent of their 51 per cent stake 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.