Cannes Lions parent company Ascential has agreed to acquire 100% of well-connected media consultancy MediaLink in a bid to expand its revenue and find new business in areas such as entertainment.
The deal is expected to clear by the end of the month, said Duncan Painter, CEO of Ascential. MediaLink Chairman-CEO Michael Kassan will remain onboard in his current position, as will the entire MediaLink staff.
MediaLink will become part of Ascential’s Information Services division, which Mr. Painter said has a “clear line of demarcation” from the events side of the business, such as the Cannes Lions and Money 20/20.
MediaLink, which was founded by Mr. Kassan in 2003 and has more than 120 staffers in the U.S, will expand globally through the deal. Mr. Kassan said the company is looking to open a London and Hong Kong office in the next month, having already identified people to lead the new operations.
Mr. Kassan said there’s “never been a better time based on disruption in the business we operate in” for the acquisition to take place, because MediaLink will be able to expand its capabilities and footprint and continue helping clients navigate the “chaos” in the marketplace.