Multi-national media role for Cripps
A new global media agency has been launched with expert support from law firm Cripps.
Local Planet brings together leading independent agencies from around the world with a combined billing of some $10 billion.
Unusually, the formation of the multi-national consortium involved equity swaps between the new umbrella body and its founding members – a model that is believed to be the first of its kind.
The complex negotiations leading to the successful launch of the new business took a year to complete and drew on Cripps’ expertise in areas such as corporate, commercial and competition law.
“Local Planet is owned by 16 privately-owned media agencies which either invested cash or their own equity in return for a shareholding in the new business,” said Nigel Stanford, who led the Cripps team.
“It is an unusual structure but this cross-ownership demonstrates commitment to the new venture and helps ensure everyone involved has a direct interest in its success.”
At launch, Local Planet operates in more than 40 markets across the world and brings together the skills and resources of some of the world’s best independent agencies to create a new force in the international media market.
Martyn Rattle, the CEO of Local Planet and former Global Board Director of Aegis Media, said: “Cripps has been instrumental in navigating what has been a highly complex, multi-territory deal and guiding a negotiation lasting 12 months, resulting in the world’s only privately-owned global media agency network. I am extremely grateful for their sector expertise, but above all their patient stewardship of the legal challenges associated with the very many interested international parties.”
Local Planet lists Horizon Media in America, the United Kingdom’s the7stars, Spain’s Zertem Communication Group, Italy’s Media Italia, Germany’s pilot, France’s CoSpirit MediaTrack, Sweden’s Tre Kronor and India’s Percept Media among its founder shareholder agencies.