Interpublic increases stake in MCN

"This is an important step for IPG that allows us to build on an existing relationship with an exceptional company. The strong management group in place at MCN has unrivalled experience in the region, and we will continue to support them and their agency teams," commented Michael I. Roth, chairman and CEO of Interpublic Group. "The MENA region is one of the fastest growth markets in the world, both in terms of population and GDP. Our shared history with MCN makes this a logical step for IPG. It gives us and our clients an unrivalled depth of talent and capabilities in MCN's markets and it gives MCN's regional clients access to the full breadth of the global IPG network."

Akram Miknas, chairman and founder of the MCN group, added, "We've been in this business 40 years now, and I believe that today, with this vote of confidence and recognition from IPG - we are uniquely poised to harness the potential in the region and grow further, do great work for our clients and continue to build a network of agencies that sets the benchmark for our industry. Fadi Salameh [MCN President and CEO] has led the way over the years in our charge forward, and our family of people have responded with commitment and enthusiasm. This is a big step forward for all of us at MCN."

The largest agency within MCN, Fortune Promoseven, was established in Beirut in 1968 and now works closely with McCann Erickson on major multinational clients. Other units within MCN include agencies specialising in media services, retail marketing, events, activation, public relations, CRM, digital marketing and branded entertainment. Several of the agencies within MCN are affiliated with Interpublic brands, including Lowe MENA, Initiative, Magna, Momentum, MRM, Universal Media and Weber Shandwick. In addition to Promoseven, regional agency brands include Brandbeat, Innovations, and MCN Media, one of the largest media entities in the region.