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Steve Stoute To End Relationship With Interpublic; Buying Back Company
By: allhiphop.comPosted On: 07/01/2011 12:07 P
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Translation LLC., the advertising agency owned by rap moguls Steve Stoute and Jay-Z, is currently negotiating a buyback from their parent company Interpublic Group of Companies.
Translation LLC., the advertising agency owned by rap moguls Steve Stoute and Jay-Z, is currently negotiating a buyback from their parent company Interpublic Group of Companies.
Translation entered into a deal with Interpublic in October of 2007 to sell a majority stake of Translation to Interpublic, for just under $15 million.
According to Ad Age, Translation's CEO Steve Stoute is unhappy with the lack of collaboration between the company and its parent company, which employees about 43,000 people around the world.
"The experience, like any other relationship, has had its growing pains," Steve Stoute told Ad Age. "I'd say that my desire to work with their clients, and my initial thinking didn't come to fruition. The agencies are clinging onto their relationships and don't want to open up."
Steve Stoute and Translation have worked on campaigns for Hewlett–Packard, Tommy Hilfiger, Jay-Z, Beyonce, Kelis, Nas, Chevy Impala, Ford's Focus, Reebok, McDonald's, State Farm and numerous others.
In February of 2008, Jay-Z was named chairman of Translation, which is based in Manhattan.
Before he founded Translation, Steve Stoute was a top executive at Sony and Interscope Records, where he handled the careers of artists like Nas, Mary J. Blige, The Trackmasters and others.
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