Percept Media walks out of WebPercept; to set up its own digital unit

Percept Media has given up its 51 per cent majority stake in WebPercept, a company that specialises in providing online communication solutions to its clients.

Percept Holdings had partnered with the Amit Tripathi-owned Netweb Solutions to form a joint-venture called WebPercept, which was a 51:49 venture between Percept Holdings and Tripathi, respectively. Now, Percept has sold off its 51 per cent stake to Tripathi.

Company executives at Percept Media say that the parting of ways happened “mutually”.  

It is learnt that Percept Media will launch its own digital and online communication vertical, which is yet to be given a name, in the new tech media space. Through this vertical, it will offer solutions, not just in the online space, but also mobile, gaming and animation.

Percept Media will pump in US$ 10 million into the vertical.

Under the terms of the agreement, Percept will withdraw the name ‘Percept’ from ‘WebPercept’ with immediate effect, but will retain the right to use the brand name, ‘WebPercept’, in its future ventures in the new tech media domain.

This development is part of Percept’s business restructuring aimed at achieving a fully independent integrated media service offering. After the restructuring is complete, Percept Media will become a consolidated media business, including conventional media (having acquired Shripad Kulkarni’s Allied Media), new tech media, Percept Out-of-Home, PDM, P9 Integrated, Tiger Sports and Percept Activa.  

At present, Percept Media stands at Rs 500 crore in terms of billings.  

© 2007 agencyfaqs!