Horizon Global and Havas Launch Joint Venture with $20 Billion in Billings

What's Happening?

Horizon Media Holdings and Havas have announced the creation of Horizon Global, a joint venture aimed at consolidating their media operations to compete in major global media pitches. The new entity, based in New York, will manage $20 billion in billings, making it one of the largest media buyers worldwide. Bob Lord, president of Horizon Media Holdings, will serve as interim global CEO, while Renata Spackova will be the global COO. The venture will merge Horizon's Blu data platform with Havas' Converged.AI platform to form BluConverged, enhancing data and tech tool access for both agencies. This move comes amid industry consolidation, such as Omnicom's acquisition of IPG, which has reduced the number of major media buyers.

Why It's Important?

The formation of Horizon Global signifies a strategic response to the ongoing consolidation in the media industry, which has seen major players like Omnicom and IPG merge, reducing competition. By combining resources, Horizon and Havas aim to strengthen their position in the market, offering a robust alternative for multinational accounts. This joint venture could potentially reshape the competitive landscape, providing clients with enhanced data-driven solutions and a broader range of services. The collaboration also highlights the increasing importance of data integration and AI in media operations, setting a precedent for future industry partnerships.

What's Next?

Horizon Global will continue to search for a permanent global CEO while maintaining its focus on expanding its market presence. The joint venture is expected to actively participate in major media pitches, leveraging its combined resources to attract new clients. Both Horizon Media and Havas Media Network will continue to operate independently outside of shared assignments, allowing them to pursue new business opportunities. The success of this venture could influence other media companies to consider similar partnerships to remain competitive in a consolidating market.