LONDON (Brand Republic) – The world’s three largest advertising networks -– WPP Group, the Interpublic Group of Companies and the Omnicom Group -– are setting up their first joint venture to enable media buying through the internet.
The three have named Michael Lotito as chief executive of the as yet unnamed New York based venture. Lotito was until last month the president and chief operating officer at Initiative Media North America in New York, part of the Initiative Media Worldwide unit of Interpublic.
The company will create a single electronic standardised system for online media buying and selling as well as managing transactions, payments and research data