GLOBAL, FEBRUARY 21, 2012: The world’s leading independent creative agency, Droga5, has won yet another nod of approval, this time in the form of millions of dollars in financial support, including investments from a private group led by investor and entrepreneur Henry Silverman and media mogul Bob Pittman.
Silverman, who is vice chairman of private equity firm Apollo Global Management, and Pittman, CEO of Clear Channel and co-founder of MTV Networks, have worked closely for the past 20 years, notably during the purchase of Six Flags of America.
AdAge reports that Silverman has never expressed an interest in any ad agency and that this unusual move, if successful, may prove to be a positive wave in ad land. The investment is valued between $5M and $10M and will be used primarily for the expansion of Droga5’s New York office and the opening of the agency in a new market, possibly in India, Europe, or Brazil. Presently, Droga5 has offices in New York and Australia, founder David Droga’s native country, which combines for barely 200 employee count.
While the agency setting its sights on a new office by 2013, Droga5 is determined to keep its independent status. For Droga, becoming a franchise, with thousands of employees across the world, might affect the agency’s culture and “dilute” the quality of their creative output.
