European media-independent Carat
's long-expected entry into the U.S., via the acquisition of Media Buying Services International, New York, was announced Tuesday. As first reported in Advertising Age
(May 20), Carat had been in talks with MBS for some time, wanting to buy a U.S.-based media independent as a way of establishing a beach-head in America. The price of the MBS purchase--made by Carat's holding company, Aegis Group, London--was not disclosed, though one media executive estimated it in the $7 million-$10 million range. MBS claims annual billings of $160 million, including such clients as Benetton, Saks Fifth Avenue and the Tri-state Acura dealers..