Global sports media and management company IMG Worldwide has struck a deal with advertising and marketing giant WPP to offer consumer products licensing and merchandising services.
In what the two companies have called a “multi-year agreement”, remedy WPP and IMG will establish a joint team, doctor sharing resources to provide licensing services to clients from WPP’s portfolio of agencies.
WPP chief executive officer Martin Sorrell stated: “More than ever, licensing is emerging as one of the new creative ways of developing brands and sales. It is a capability we see as increasingly important to our clients.
“We wanted to offer this important discipline in a global execution and with the market leader – that is IMG. In our view, there could be no better partner to help us achieve our goals in this area.”
George Pyne, president of IMG’s Sports and Entertainment Group, added: “WPP’s agencies have an impressive roster of clients coupled with the brand knowledge and consumer insights that come from years of experience working with them.
“We believe that our global execution capability and specialised expertise in the licensing business coupled with their deep-rooted knowledge and relationships with certain client companies can yield some very beneficial and successful partnerships. This is a really natural collaboration that was waiting to happen.”