Global entertainment producer FremantleMedia has made its first big move into branded entertainment, buying a 60% stake in U.S. firm @radical.media for an undisclosed sum.
FremantleMedia CEO Tony Cohen, hosting the traditional FremantleMedia Mipcom breakfast on Monday, predicted a tough second half of the year as he described the tie-up with the brand specialist as “a major strategic move.”
He warned that ad revenue that had returned to broadcasters was still not finding its way into program budgets.
Cohen added: “Fragmentation continues to gather pace as broadcasters turn increasingly to online. In this environment we need to have a real understanding of what brands need in a systematic business. This major investment increases our expertise and capability as a multi-platform branded entertainment business.”
Based in New York, @radical has offices in Los Angeles, Berlin, Sydney and Shanghai, and has worked with FremantleMedia’s rights arm, FremantleMedia Enterprises, since 2008. @radical’s chairman and CEO Jon Kamen will remain in his present roles.