CBS and ad agencies WPP Group and Interpublic Group invested a total of $40 million in Spot Runner, a Los Angeles-based firm that provides low cost, Web-based commercial design and media planning for smaller advertisers.
WPP manages approximately $50 billion of clients' budgets worldwide, and Interpublic agencies serve more than 4,000 multinational, regional and local clients around the world.
“There is a powerful trend in the advertising arena in which agencies need to focus on creative, but also identify the best vehicles to distribute their creative and reach people wherever they live, work and play,” WPP CEO Sir Martin Sorrell said in a prepared statement. “Spot Runner’s practical and cost-effective solutions are a great complement to our national capabilities and will help our clients to market at the most local level.”
For CBS, Spot Runner’s technology offers a more efficient and consolidated system to sell its diverse ad inventory and an additional channel to bring new local advertisers to its media properties, according to the company.
Spot Runner plans to use the new funds to further refine its core local-TV-advertising solutions and greatly expand its breadth of services to support key emerging mediums such as online video, video-on-demand and Internet-protocol TV.