Time Inc. (NYSE:TIME) today announced the acquisition of inVNT, a seven-year-old experiential company that specializes in live media, digital and traditional media, brand environments and creative services.
JEGI CLARITY (www.jegiclarity.com), the leading independent investment bank for the global media, information, marketing, software and tech-enabled services sectors, headquartered in New York, NY, advised Time Inc.
“Live media is a great way to deliver targeted audiences to marketing partners. It provides passionate individuals an opportunity to share meaningful and memorable interactive brand experiences,” said Time Inc. Chairman and CEO Joe Ripp. “inVNT provides proven event expertise that will make our company a more attractive strategic partner for global advertisers. This acquisition complements our traditional and digital advertising assets, and I see enormous potential to grow this business.”
The two companies together currently present more than 575 events a year – in the consumer and business-to-business space. inVNT manages events such as the Cadillac V-Series Media Drives, Intel Developer Forum and PCNA (PepsiCo) Bottler event. Time Inc.’s Essence Festival just took place in New Orleans over the July fourth weekend and attracted approximately half a million attendees. Other Time Inc. events include the Time 100, the Fortune Most Powerful Women Summit and the Food & Wine Classic in Aspen.
Scott Cullather, founder and Global Managing Partner of inVNT, will continue to lead the company. He will report to Mark Ford, Time Inc.’s Executive Vice President, Global Advertising.
Ford commented: “inVNT is a creative powerhouse. They understand consumers, marketers and how to create stellar live media events. By combining inVNT’s resources and Time Inc.’s iconic brands, we will be able to leverage our existing live media offerings and create new media platforms for our marketing partners.”
“Our goal is to create deeper connections between advertising partners and consumers,” said Cullather. “We are excited about the tremendous opportunities our company will have working with the iconic Time Inc. brands and the people behind them.”
“Time Inc.’s resources, brands and franchises bring enormous opportunity to inVNT,” Cullather continued. “Getting in on the ground floor of Time Inc.’s live media investments accelerates our goal for more collaboration and more creativity as we aim to be an internationally recognized force in live media.”
inVNT will retain its name, continue to service existing clients and will remain in its current headquarters in the Puck Building in Soho. inVNT satellite offices are strategically located in London, Washington, D.C., Detroit, San Francisco and Laguna Beach, California.
Since becoming an independent public company in 2014, Time Inc. has been extending its brands, content and audiences into new revenue streams through investment and acquisition. Time Inc. recently acquired UK Cycling Events (UKCE), the UK’s leading provider of premium cycling events, and FanSided, a sports, entertainment and lifestyle network of more than 300 websites with a collective audience of approximately 15 million monthly unique visitors. Last year, Time Inc. acquired Cozi, a technology company that is the leader in digital and mobile technologies for the family organization and calendar space.