Photon Group sells C4, Be Interactive, Returnity and MessageNet to Salmat
Debt-laden Photon Group has sold five companies, the marketing group announced today.
The company has sold Be Interactive, C4, Returnity and MessageNet to Salmat for $75.3m.
It has also handed its British agency Sledge to its principals, who have taken on its liabilities.
The deal means that the Photon has reduced its debts to $122m.
Last year the five companies contributed nearly $30m to Photon’s revenue and $8.2m in profits.
Through a combination of sales, closures and mergers, Photon has now reduced its portfolio from 45 companies to 28.
CEO Jeremy Philip said: “A major priority over the past few months has been to simplify Photon’s structure, making it easier to execute its structure, manage our operations and make all aspects of our business more efficient.”
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Photons head office in The Rocks contained most of these companies or what was left of them after consolidation. Perhaps Kalaidoscope is next to be sold off..
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great result for photon – seriously good multiple for agency/services from the looks of things.
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Agree with ‘Logic’. Excellent outcome for Photon. Bought on six times multiple, sold for nine. Well played given Photon would be perceived as a “distressed” vendor.
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Hmmm…
– pretty sure C4 Didn’t live in the rocks
– Be has always lived at the rocks (during it’s time with photon)
– returnity has been in the rocks for atleast 4 years, when the champagne was still popping
– pretty sure messagenet never made it to the rocks?
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i might get them to sell my house for me….
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