Horizon Media and Innocean Worldwide are partnering to launch Canvas Worldwide, a standalone media agency network that will leverage Horizon's media buying abilities with Innocean's global office footprint. This is an incredibly smart move for Horizon, as in one fell swoop they are creating a new media agency, bringing in a massive automotive account from Innocean (Hyundai), and are also expanding their reach globally, whilst laying the groundwork for a new network. The agency’s first clients will be Hyundai and Kia (33% of which is owned by Hyundai), with the $700 million client businesses to be completely transitioned over to the new entity by January 1 2016.
The two companies have had a long relationship, and have been discussing this new joint network for the last few years. The partnership benefits the two companies for different reasons. For Innocean, this is the first time a Korean advertising agency has tried to build a global media network, and Horizon now gains a global footprint, as well as the incredibly lucrative Hyundai account.
Horizon Media and Innocean Worldwide are partnering to launch a standalone media agency network called Canvas Worldwide
The name was an easy decision according to global Innocean CEO Ahn Kun-Hee, who said: “A canvas is purposely blank and full of room to create, grow and invent. A white canvas is full of possibilities and allows us to create the agency that we can colour and bring to life in whatever ways we choose to fulfil today’s client needs while remaining open to tomorrow’s possibilities. Canvas Worldwide is an exciting joint venture between Innocean Worldwide and Horizon. We sought a media partner with a shared commitment to creativity and invention, and that partner is Horizon. I respect Horizon’s success in the marketplace.”
Horizon CEO Bill Koenigsberg
Announcing the deal, Horizon founder, president and CEO Bill Koenigsberg, added: “Marketplace dynamics are right for a new media agency network to breathe creativity and innovation into the advertising industry. We are operating in a media landscape and a business environment that is in constant flux. We have a white canvas to invent, create, grow and transform the industry in the process, thus reflecting the name of the new Canvas Worldwide network. Today anything is possible and you must be inventing the future and creating new opportunities. I’m excited to partner with the leadership team at Innocean Worldwide to create a second option for marketers seeking a true alternative.”
Canvas will have its own space and talent in the US, starting with two main offices in LA and New York, as well as three further regional offices
When it launches in September, Canvas will have its own space and talent in the US, starting with two main offices in LA and New York, as well as regional offices in Chicago, Dallas and Atlanta. Koenigsberg has invested millions in building the new infrastructure, and aims to hire around 200 people by the beginning of next year to service the shop's first account. The company will announce a CEO in the coming weeks.
Innocean CEO Ahn Kun-Hee
