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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] On Monday, the industry reported that Cheil Worldwide has acquired the U.S. media marketing company Lockard & Wechsler LLC through its subsidiary, McKinney. The acquisition includes 100% of Lockard & Wechsler's shares, with an estimated purchase price of KRW 76.7 billion and an initial payment of approximately KRW 33 billion.
Headquartered in Irvington, New York, Lockard & Wechsler was founded in 1991 and specializes in advertising and marketing, particularly in video advertising and direct response television (DRTV) advertising. DRTV is a form of advertising that encourages consumers to take immediate action after viewing an ad.
With this acquisition, Cheil Worldwide aims to leverage Lockard & Wechsler’s data analytics capabilities to enhance its marketing services. The company utilizes data-driven, customized marketing solutions to optimize advertising performance.
Cheil Worldwide previously set a strategy in 2022 to expand its North American business through M&A, particularly in the digital and new technology sectors. As part of this strategy, the company acquired the influencer marketing division of Audacious Studio.
Beyond North America, Cheil Worldwide has been actively acquiring companies through its subsidiaries in various regions. The company owns more than ten overseas subsidiaries.
In October 2023, Cheil Worldwide acquired Indian marketing firm Digi-Influence for KRW 7.3 billion. In 2020, it incorporated Chinese social big data analytics company ColorData into its network. Additionally, in 2019, it acquired Romanian digital marketing company Centrade and Indian digital marketing firm Experience Commerce.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
