Interpublic Group of Cos. made a dramatic move into international event and sports marketing with the acquisition of Washington, D.C.-based Advantage International and a 60% stake in London-based API Group. The two international companies will form the basis of a new sports marketing group within IPG with initial billings of around $550 million and revenue in excess of $50 million. Advantage and API together represent more than 100 international companies and work for or closely with most major sports federations and broadcasters in the world. They are also involved in TV production of sporting events and athlete management. The two companies will for the for now retain separate identities and be run by their current management teams.
Copyright May 1997, Crain Communications Inc.