News Corp Australia has taken full control of Medium Rare Content Agency, acquiring the last 20% of the business it didn’t previously own.
The increased investment in Medium Rare caps off a spate of strategic investments designed to further scale News Corp Australia’s fast-growing commercial content business.
The company last Octiober purchased a stake in Australia’s largest full-service video production company Visual Domain and in May took a position in digital finance news and marketing group Stockhead. Medium Rare bought content marketing agency Storyation in December 2019.
Among its client list, Medium Rare counts such tier-one companies as Coles, David Jones, Foxtel, Bunnings and Qantas.
Michael Miller, News Corp Australasia’s executive chairman, said: “From the day we launched Medium Rare as a joint venture with founders Gerry Reynolds and Sally Wright in 2014, we’ve had high aspirations for the business and confidence in the growth of the commercial content category. Gerry, Sally, and the Medium Rare team have exceeded these ambitions."
Reynolds and Wright will now step aside from their roles as directors and managing executives.
“The combined skills and capabilities of Medium Rare, Visual Domain and Storyation, as well as Suddenly and our internal creative agency Roller, to leverage News Corp Australia’s data, audio, commerce along with the company’s digital audience networks and brands provides our clients compelling campaign solutions," said Miller.
News Corp Australia’s managing director of commercial content, Mike Connaghan, said: “Sally and Gerry had the foresight, nous and talent to identify a new high-growth market segment and then the perseverance and work ethic to attract the talent needed to transform their idea into something that can now be considered an essential part of our media landscape.”
Nick Smith has been appointed managing director of Medium Rare and Fiorella Di Santo as chief commercial officer.
Connaghan: “Nick and Fiorella are both well known in the market and to our clients and their new roles reflect the high esteem in which they’re held.
“Together, they will focus on further growing Medium Rare’s position as the nation’s leading content agency in terms of size, client roster and revenue and further develop its proven prowess in performance-based digital, social and video content for our clients.”
Reynolds said: "Part of the reason for our success is that we've never sat on our laurels. We've always looked to the future, continuously planning ahead.
"Medium Rare's award-winning teams are the best in the business, so clients remain in the very best hands."
Wright said: "We set out to disrupt custom publishing and have ended up redefining marketing in this country. On our first day, we were the company's only employees; as we depart, staff numbers will be just shy of 200 across Sydney, Melbourne, Adelaide and Auckland.
"Over the years, we've continuously expanded our range of services; received local and international recognition as leaders in our field; and hired, nurtured and furthered the careers of the very best media talent in the region."
"We remain very proud of Medium Rare and wish everyone well for the future."
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