Horizon Media, the long-time independent media agency, agreed to sell a minority stake in its company to two investors, Singapore-based investment firm Temasek and New York-based investment and merchant bank LionTree.
Bill Koenigsberg, founder and CEO of Horizon Media, remains its largest shareholder. He said the moment to make a decision like this became clear a few months ago as he saw what COVID had done to the media landscape.
Horizon is the largest U.S. media agency according to the Ad Age Datacenter. Koenigsberg sees this move as an opportunity to “supersize” the dozen verticals it currently operates.
“You're going to see us get more aggressive in content, data opportunities, and other verticals that maybe we're currently not as strong in that we want to shore up,” Koenigsberg said.
Horizon didn’t disclose how much of a minority stake the investors are getting or how much they paid. Koenigsberg called it a “mostly strategic” play for the agency, which he founded in 1989.
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“This was about the right place and right time given my growth ambition and opportunities in the marketplace,” Koenigsberg said. “I think there are going to be winners and losers in this new world, the way the landscape has changed. I think we can become more aggressive from an acquisition perspective. We can get more aggressive in terms of other offerings to our clients to drive better business outcomes and having these smart people around me with different perspectives on things gives me the opportunity to move even faster.”