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M&C takes majority Play stake.(M&C Saatchi London)(Brief article)
Play founders sell 30 per cent of shareholding to M&C Saatchi as it seeks to strengthen digital offering.
M&C Saatchi has acquired a majority shareholding in its joint venture digital agency Play, for an undisclosed sum.
Until now, the business had been split equally between M&C and the Play founders, Jon Sharpe, Ethan Segal and Matt Gorzkowski. M&C has now boosted its shareholding by a further 30 per cent.
The move comes as the agency looks to strengthen its offering in the digital market and give the medium a higher profile as part of its range of services. However, neither party would confirm whether M&C would complete a total buyout in the future.
Moray MacLennan, the chairman of M&C Saatchi, said: 'Play's recent account wins combined with the quality of its creative product shows it to be one of the foremost digital agencies in the UK market. M&C taking a majority stake in the business reflects the fact that it will be playing a central role in our digital plans ...
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