Interpublic Group of Cos. is forming a sports marketing unit with Kaleidoscope Media Group, New York, developer of the PGA Seniors Tour, Skins Game, MTV Awards Show and the ESPY Awards. The new unit, Kaleidoscope Sports & Entertainment, will be operated as a joint venture 51% controlled by IPG, with the remaining stake held by Kaleidoscope affiliates. The venture will acquire and operate all Kaleidoscope's sports, entertainment, event/presence marketing, consulting and production businesses and become part of Interpublic's Allied Communications Group. Kaleidoscope's management team will remain in place.
Copyright April 1997, Crain Communications Inc.