INNOCEAN To Acquire Horizon’s Stake in Joint Venture and Become 100% Owner of Canvas
HUNTINGTON BEACH, Calif. & NEW YORK–(BUSINESS WIRE)–INNOCEAN Worldwide Holdings, Inc. (“INNOCEAN”) and Horizon Media (“Horizon”) today announced that they have entered into an agreement under which INNOCEAN will acquire Horizon’s 49% ownership stake and become 100% owner of media agency Canvas Worldwide, LLC (“Canvas”). Canvas, launched in 2015, is a joint venture between INNOCEAN and Eden Road Holdings, Inc., the parent company of Horizon. Upon the transaction closing, Canvas will be a fully-owned subsidiary of INNOCEAN.
INNOCEAN and Horizon launched Canvas to offer brands an alternative media agency that challenged the status quo and delivered high-impact meaningful results to clients. Since then, based on the cooperative strength of Horizon and INNOCEAN, Canvas has built a reputation for excellence with multiple industry accolades, including being named “Most Innovative Agency” by Campaign US in 2021 and “Breakthrough Media Agency of the Year” by Adweek in 2020 and serves a range of leading global brands.
Given the respective interests and strategic direction of Horizon and INNOCEAN, both parties agreed the time was right to part ways and for Canvas to enter the next phase of its development as an independent media agency. INNOCEAN intends to continue to operate Canvas independently under its current management and for the agency’s day-to-day operations, including the roles of its employees and client relationships, to continue as normal.
The purchase is expected to be completed by the end of the second quarter of 2022.
About INNOCEAN Worldwide
INNOCEAN Worldwide is a global marketing and communications company headquartered in Seoul, Korea with operations in over 30 markets located in the Americas, Europe, Asia and the Middle East, and more than 3,000 creative individuals around the world. Launched in May 2005, INNOCEAN leads marketing and communications strategies and implementation for a wide array of global and local brands. With its extensive experience working with numerous large-scale global tentpole events in sports, auto, expos and others, as well as its growing investment in and commitment to digital, big data, platform and mobility services, INNOCEAN is valued by clients for its ability to provide sophisticated and comprehensive marketing solutions.
About Horizon Media
Horizon Media LLC, the largest U.S. media agency according to AdAge Data Center 2021, delivers data-driven business outcomes for some of the most innovative and ambitious brands. Founded in 1989, headquartered in New York, and with offices in Edmonton, Los Angeles and Toronto, the company employs 2,400 people and has media investments of more than $9.5 billion. Horizon Media’s fundamental belief is that business is personal, which drives its approach to connecting brands with their customers and engaging with its own employees resulting in industry-leading workplace satisfaction levels (Glassdoor). The company is consistently recognized by independent media outlets for its client excellence and has earned several “Best Workplaces” awards reflecting its commitment to DEI and the life and well-being of everyone at Horizon Media.
Finsbury Glover Hering