Bringing its recent investment in new media to $10m, WPP Group has entered into a corporate partnership with Media Technology Ventures (MTV) – a US investment company specialising in information and entertainment technology start-ups. Other investors in MTV include Motorola Multimedia Group (broadband communications and cable modems provider), STET (telecommunications holding company), Justsystems Inc (applications software developer) and Sun Microsystems (network computing).
MTV will focus on ‘early stage investment in digital media companies involved in the creation and distribution of content and marketing messages’; areas covered will include direct marketing, electronic commerce, content creation and software tools. Having already invested in Infogear, US developers of technology for low cost, easy-to-use Internet access and Protozoa, a 3 dimensional character animation company in the US, MTV plans to invest in more than 20 further companies.
Commenting on the partnership Martin Sorrell, WPP chief executive, said that the venture will allow them to offer clients, ‘leading edge understanding of new developments’ enabling them(clients) to ‘exploit these opportunities’.
WPP already have a stake on HotWired, Broadvision Inc and Individual Inc and sponsor MIT’s Media Lab in Boston.
WPP: 0171 408 2204
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