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Reach4entertainment divisions sign deals with Miroma Group
Transatlantic media and entertainment marketing company reach4entertainment announced on Monday that its subsidiaries Dewynters and Spot and Company of Manhattan have entered into media buying agreements with Miroma International and Miroma Outcomes.
The AIM-traded firm said the Miroma companies operate a successful media trading business which works with brands, media agencies and media owners to enable brand owners to extract additional value from their marketing budgets.
Marc Boyan founded Miroma International in 2003.
As it announced on 4 December, as part of the recent operational review of the business, r4e's board had been reviewing its media suppliers and partners and has determined that it was in the best interests of the company and its clients for Dewynters and SpotCo to enter into agency referral and media trading services agreements with Miroma.
"Under the terms of the agreements, Miroma will provide Dewynters and SpotCo with media buying and trading services for their clients on a first refusal basis, save for in certain limited circumstances and provided that the terms achievable by Miroma are competitive," the r4e board said in its statement.
The agreements were expected to result in efficiencies in media buying for Dewynters and SpotCo, through the expertise and purchasing power of Miroma, for the benefit of r4e and its clients, as well as providing additional referral income for r4e based on its media spend with Miroma.
R4e said the agreements were entered into on an arm's-length basis, and negotiated and approved by independent directors of r4e.
The agreements were entered into on 9 February, and have an effective date of 2 January.
"The agreements have an initial term of one year and will continue thereafter unless terminated by either party, providing three months' notice," the r4e board explained.
"The agreements will be reviewed annually in good faith by the directors of r4e that are independent of Marc Boyan."
Marc Boyan was appointed as chief executive officer of reach4entertainment in October last year.