Healthcare and communications group Huntsworth has confirmed it’s taken a commanding 75% stake in AboveNation Media for an initial sum of $1.75m, with two further earnings based deferred payments due in 2019 and 2021.
The New York-based full-service media strategy, planning and buying agency will be used to augment Huntsworth’s own offer by enabling it to provide integrated advertising technology solutions.
Under the terms of the deal CEO Steve Minichini and president John Lee will continue to lead AboveNation, reporting directly to Reid Connolly, CEO of Huntsworth’s Evoke Group business.
Connolly commented: "The convergence of media and technology has changed the way brands and companies connect with their customers. AboveNation Media is a perfect strategic fit within our group and strengthens our commitment to a culture of innovation and accountability.
“By integrating the emotional insights that fuel great creative with advanced media strategy and technology, we not only create a more nimble and agile offering but we're able to create smarter, harder working creative. Collectively we offer our clients the ability to engage and build more valuable relationships and to do so in the most advanced, efficient and, most importantly, transparent way possible."
Huntsworth retains the option to purchase the remaining 25% stake in AboveNation from 1 January 2023.
Paul Taafe was appointed as chief executive of the Huntsworth Group in 2015.