variety.com
92%
749
Horizon Media, Madison Avenue’s Long-Time Independent Media Shop, Sells Minority Stake
Brian Steinberg Senior TV EditorHorizon Media, one of the largest advertising companies not owned by the big publicly-traded entities that dominate the industry, intends to sell off a minority stake to investment firms, ending its decades of pursuing a purely go-it-alone strategy.Horizon, long controlled by entrepreneur Bill Koenigsberg, said it had sold a piece of the company to Temasek, a Singapore investment firm. LionTree Advisors, an investment firm led by Aryeh Bourkoff, will also become an investor as part of the transaction. Financial terms were not disclosed, but Koenigsberg is to remain “the long-term majority shareholder” of the agency.
