Sir Martin Sorrell takes over MediaMonks
According to International publications, Sir Martin Sorrell’s S4 Capital, has completed the takeover of Dutch digital agency MediaMonks. Sir Sorrell beats his former employer WPP to the deal. In order to that he now faces the loss of WPP share awards worth up to £20 million that he had been entitled to. WPP was looking at a possible deal for Mediamonks before Sir Martin quit as CEO in April. WPP's lawyers Slaughter & May wrote to Sorrell's lawyers last week saying that they believed he was using proprietary information learned through his role as CEO of WPP and would be in breach of contract if he pursued the deal.
Derriston Capital, which S4 Capital is in the process of merging with through a reverse takeover, revealed recently that S4 Capital had acquired Mediamonks for an undisclosed fee.
MediaMonks has revenues of approximately €110 million and employs 750 staff across 11 global offices, Derriston said. Customers include Adidas, Amazon, GE, Google, Johnson & Johnson, and Netflix. The agency won 18 gongs at last month's Cannes Lions, the Oscars of the advertising industry.