Innocean Acquires 100% Stake in Media Agency in the Americas Region

Canvas Worldwide.

[Asia Economy Reporter Lim Chun-han] Innocean Worldwide announced on the 15th that it has acquired all shares of its joint venture in the United States, Canvas Worldwide (CWW), making it a 100% subsidiary.

Lee Yong-woo, CEO of Innocean, said, “As the global advertising marketing market continues to evolve through digital transformation, the core of data-driven customer experience channels remains media,” adding, “With the establishment of Canvas, we have positioned ourselves as the first Korean company to independently operate a media business in the highly entry-barrier U.S. market, thereby strengthening our status as a global marketing communications company.”

Canvas was jointly established in 2015 by Innocean and Horizon Media, the largest independent media agency in the U.S., holding 51% and 49% of the shares respectively. Canvas has served as a foothold for Innocean’s entry into the U.S. market and grew to become the second-largest independent media agency last year. After acquiring prestigious global brands such as Hyundai Motor, Kia, Heineken, and McDonald’s as clients, it has continued its growth annually.

The transition to an independent management system for Canvas is expected to have a very positive impact on Innocean’s overall business in the Americas. D&G, recognized for its creative capabilities in the Americas market, is expected to strengthen its status by securing more opportunities to develop non-affiliated clients through collaboration with Canvas. Additionally, Canvas’s data analysis capabilities can be utilized in expanding the e-commerce business promoted by The Lab, the U.S. subsidiary of marketing solutions company Welcome, which Innocean acquired in 2019, and the collaboration is also expected to play a significant role in DifinSource’s digital content business.

An Innocean official stated, “Through this acquisition of Canvas, we have created an opportunity to further recognize our integrated customer experience solution competitiveness in the world’s largest advertising market, the United States,” and added, “We will continue to maximize the synergy among the global networks established through headquarters, overseas subsidiaries, and affiliates.”

This content was produced with the assistance of AI translation services.