Aegis Group PR, 1/25/10
UK-based marketing communications group Aegis Group has announced that it will extend its operations in China with the acquisition of a 17.7% shareholding in Chinese TV buying and advertising firm Charm Communications. The gross assets of Charm in total are USD 143 mln. In addition, Aegis's Vizeum arm and Charm are establishing a joint venture which will operate as Vizeum China.
Vizeum's China operation will form the initial 40% of the JV's revenues and Charm will transfer local clients to the JV to form the remaining 60%. The shareholder structure of 40% Aegis and 60% Charm will move towards 100% Aegis ownership by 2024 via incremental put and call options.
Charm, established in 1995, is a leading television advertising service provider in China and one of the largest brokers to China Central Television (CCTV).