Lintas Media Group has completed the acquisition of OOH (out of home) agency Aaren Initiative. The 50 per cent stake held by the joint venture partner, Aaren Advertising, was recently purchased by Lintas in an amicable settlement. The name of the agency will be changed to Lintas Initiative.
Aaren Initiative Outdoor was set up as a 50:50 joint venture between Lintas and Aaren Advertising 10 years ago when the presence of media agencies in the medium was still unknown. It had presence in more than 28 cities and a network of more than 100 employees.
De Souza is grateful to their erstwhile partner and thanks it for its counsel and support during the formative years of the agency.
Hemanth Shah, managing director, Aaren Initiative, will continue to function as managing director of the new entity. He was recently promoted to the role at Aaren Initiative.
Elaborating on his role, Shah says, "The team will have the independence to function and nurture non-network clients, and the network clients will experience seamless deliveries. The acquisition allows the company to plan holistic solutions and integrate them into its offerings right from creative to all-media."
In May, Lintas Media Group had launched a new media solutions division called Limelight. It provides solutions in the space of broadcast, digital, print and OOH.