Last October Schematic, a digital agency in the US was hired by ITV to design their media player and video-on-demand website. Martin Sorrell of WPP fame liked what he saw and decided to acquire the company.
Schematic has built a strong reputation in helping entertainment and media companies build their digital products. Some they've worked with are Time Warner (TWX), Turner, CNN, Comcast (CMCSA) and ABC (DIS).
I like this move because Schematic has built a solid brand and will provide a solid stream of income for years that will benefit WPP for a long time. It will also provide potential opportunities for new connections with companies that could draw much more business for all their properties.
Schematic ended their fiscal year March 31, 2007, with $29.6 million in revenue.
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