Electronics and entertainment conglomerate Sony’s television production subsidiary, Sony Pictures Television (SPT), agreed on Wednesday to acquire a stake in US-based digital marketing company Internet Media Services (IMS).
SPT paid “in the neighbourhood” of $100m for a 51% stake in IMS, a source familiar with the deal told Variety.
Although it is headquartered in Miami, IMS operates one of the largest digital advertising sales and media buying businesses in Latin America. It claims to be the biggest independent digital ad sales company in the region and the largest digital media buyer.
IMS’s current commercial partners include social networks LinkedIn and Twitter, music streaming service Spotify and local services discovery platform Foursquare.
The company also signed an agreement in January to be the exclusive advertising sales representative of Crackle, Sony’s internet TV platform, across the Latin American and Brazilian markets.
Andy Kaplan, president of worldwide networks at SPT, said: “With the sector growing exponentially and evolving quickly, we are looking forward to working together to grow our collective businesses.
“Additionally, we will integrate practices and intelligence with our networks and ad sales teams in the region and globally, making this an excellent extension of our current business.”
IMS will continue to operate as an independent entity following the acquisition and will retain its leading executives, including CEO and founder Gaston Taratuta.