Innocean, Horizon partner to launch media agency

Innocean Worldwide, a South Korean marketing communications agency under Hyundai Motor Group, has partnered with U.S.-based private media agency giant Horizon Media to form new joint media agency Canvas Worldwide.

Set to officially launch in September 2015, the joint venture was established with starting capital of 11.4 billion won ($9.6 million). Innocean will hold a 51 percent stake, while Horizon will hold the remaining 49 percent.

Innocean said that Canvas Worldwide is expected to rack up $40 million in annual sales, helping propel the company’s entry into the U.S. market.

Innocean Worldwide CEO Ahn Kun-hee (right) shakes hands with Bill Koenigsberg, CEO and president of U.S.-based Horizon Media, after sealing a deal to set up a joint venture, in Seoul last week. (Innocean WorldWide)

The joint firm will open two main offices, in Los Angeles and New York, with regional offices in Chicago, Dallas and Atlanta. It will begin servicing its first clients -- Hyundai Motor America and Kia Motors America -- starting January 2016.

“Building a global media network has never been attempted by any Korean advertising agency before,” said Innocean CEO Ahn Kun-hee, adding, “Innocean will continuously strive to rise up as a global media agency by 2020.”

“We are very happy to be partnering with South Korea’s top advertising agency,” said Horizon president and CEO Bill Koenigsberg. “The new joint venture will help breathe new life into the changing global advertising landscape.

By Sohn Ji-young(jys@heraldcorp.com)