In 2008, the Interpublic Group (IPG) brought together all its global media-related assets – Initiative, Universal McCann, Magna – under the brand name Mediabrands.
In India, this umbrella brand comprises Lintas Media Group and Lodestar Universal. Internationally, search and social marketing specialist Reprise Media was added to the Mediabrands umbrella in January 2009.
IPG is now preparing to bring this digital brand to India in partnership with local player Interactive Avenues. In India, IPG’s Lodestar Universal and Interactive Avenues have been working on various projects for a few months now, but it is understood that the two are now in the process of forming a 50-50 joint venture.
Although no official from IPG, Lodestar Universal or Interactive Avenue was available for comment, sources close to the development have revealed that joint venture talks are at an advanced stage. The venture is expected to be in place in a month or two.
The name of the venture has not yet been decided, but it is understood that it would reflect both the Reprise and the Interactive Avenue brand names. The Interactive Avenues brand name would continue to exist independently. Sources also revealed that Anjali Hegde, another partner and Vice-President of Interactive Avenues, would be working on the Reprise-Interactive Avenues JV.