JAPANESE AGENCY BUYS INTO L.A.'s MENDELSOHN/ZIEN
Could Signal Start of U.S. Investing Spree
The story was reported first yesterday on AdAge.com.
Hakuhodo, Japan's No. 2 ad agency behind Dentsu and the world's ninth-largest ad organization, took a 49.9% stake in Los Angeles shop Mendelsohn/Zien.
Agency founders Richard Zien and Jordin Mendelsohn will each retain a 25.05% share in the independent agency, which will continue to be called Mendelsohn/Zien Advertising.
"Mendelsohn/Zien's partnership philosophy and capability to outthink and not just outspend the competition fits right in with our own management style," says Tomokazu Jimbo, Hakuhodo's corporate executive officer in Tokyo. "Our aim is to expand the business while showing consideration for our new partner's corporate culture."