Sony Pictures Television will acquire a 51% stake in Internet Media Services (IMS), a digital marketing and ad-buying firm serving Latin American markets, for about $100 million.
Financial terms of the deal were not disclosed. SPT is paying “in the neighborhood” of $100 million for a controlling stake in IMS, according to a source familiar with the pact.
In January, Sony Pictures Television Networks Latin America inked a deal with IMS to be the exclusive ad sales representative for its Crackle Internet TV service across Latin America and Brazil. IMS also has commercial partnerships with companies including Waze, Twitter, LinkedIn, Spotify, iAds and Foursquare.
“With the sector growing exponentially and evolving quickly, we’re looking forward to working together to grow our collective businesses,” said Andy Kaplan, president of worldwide networks for Sony Pictures Television, calling the IMS deal “an excellent extension of our current business.”
Gaston Taratuta, IMS CEO and founder, added that “SPT combines powerful programming with an international infrastructure and a leading leadership team.”
Taratuta will continue as CEO; Ignacio Vidaguren as COO; Maren Lau as CMO; and Mariano Roman as chief commercial officer. The company said no significant changes to the business are currently planned. The deal is expected to close in several weeks pending regulatory approval.
IMS is based in Miami with offices in Brazil, Mexico, Argentina, Colombia, Chile, Panama, Peru, Ecuador, Guatemala, Costa Rica, and Uruguay.