Press

June 21st, 2010

Manhattan Communications acquires majority stake in MediaMorphosis LLC and Ethnocast Inc

Manhattan Communications (India) Pvt Ltd, a leading agency with equity holding by Bennett Coleman & Co, Pay Pod Inc and other promoters that offers Complete brand solutions and specialising in Promotions , Events and Exhibitions has acquired a majority stake in MediaMorphosis LLC, a 360 degree full service total communications agency based in New York. MediaMorphosis LLC services the ethnic South Asian markets in the USA, Canada and UK and has offices in New York, Toronto, London and Mumbai. The company had acquired a 10 % stake in MediaMorphosis LLC in March 2010 and has now acquired a further 78% stake in the company. Manhattan Communications plans to increase its equity holding in MediaMorphosis LLC to 100% within this year. MediaMorphosis LLC has been ranked as the 12th largest Asian American advertising agency in the United States by Ad Age magazine recently.
Ethnocast Inc is a subsidiary company of MediaMorphosis LLC and it owns the B2B portal- Ethniconlinenetwork.com. Ethniconlinenetwork.com is a single reach digital platform that reaches out to South Asian audiences across US, Canada and UK thorough its extensive network of over 200 publishers and associates with websites that address the South Asian diaspora. Ethniconlinenetwork is a subsidiary company of MediaMorphosis LLC. As part of this acquisition, Manhattan Communications shall be the majority equity holder in Ethnocast Inc as well.
Said Adris Chakraborty, Chairman, Manhattan India, “With Manhattan acquiring a majority stake in an international agency, the company shall have a truly global business presence and consequent business opportunities.”

Said Shantonu Aditya, Director and CEO, Manhattan India, “With the acquisition of MediaMorphosis LLC and Ethnocast Inc by Manhattan India, all business activities of the company will now be consolidating under a single entity. This shall help us build scale across South Asia, USA and Europe markets. We have aggressive growth plans and are actively looking at various growth opportunities that are being offered”.