Swedish new media shop hires ad agency

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STOCKHOLM--Swedish Internet advertising consultancy Spray is to invest $15 million during the next 12 months in a bid to transform itself into Scandinavia's leading Internet gateway or portal.

Last August, Spray and the American Internet advertising company Razorfish Inc. formed the new company Spray Razorfish Network. Shareholders in Spray and Razorfish each acquired 50% of the equity in the company.

However, the name Spray Razorfish is viewed as cumbersome and the business will now be divided so that Razorfish becomes a focused Internet consulting company while Spray will serve as a consumer-orientated gateway, similar to the American company Yahoo!.

Spray has asked Stockholm-based ad agency Storakers to plot a long-term growth strategy for the company and spotlight Spray's new consumer-oriented profile. The account is worth $4 million.

Copyright March 1999, Crain Communications Inc.

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