The deal, which was announced Monday, was estimated to be worth $70 million in additional billings for Horizon, an independent shop that already claims approximately $750 million in billings. Financial details of the agreement were not disclosed.
Clients that will move over from Catalyst to Horizon include HotJobs.com, La Victoria Foods, Carday and Armstrong Garden Centers.
Catalyst was formerly TBS Media Management and before that RDR Associates. It was founded in 1960. The shop's longtime CEO, Frank Muratore, will work with Horizon on a consulting basis.
Although Catalyst is dropping out of the media business, the company will "concentrate on its other existing business," Mr. Muratore said in a statement. According to a Catalyst insider, the existing business referred to are financial investments related to RDR Associates. Mr. Muratore could not be reached for comment at press time. -- Richard Linnett
Copyright July 2001, Crain Communications Inc.