Millward Brown has announced the acquisition of fast-growing Korean consultancy Media Research Inc. (MRI), well known for its public opinion polling and chaired by Koo-Ho Chung, a high profile media figure in the country. Chung will remain as President.
MRI is headquartered in Seoul and has offices across South Korea in Daejeon, Daegu, Gwangju and Busan. Founded in 1990, it has 74 full time employees and had unaudited revenues for the year ended 31 December 2004 of KRW 10.24bn (US$ 10.2m). The company tracked last year's Korean National Assembly elections and previous presidential polls.
MB's Asia Pacific CEO Andreas Sperling describes Korea as 'an escalating priority for our clients', home to a range of global brands as well as being one of the big four economies in the region. 'It is therefore at the top of our expansion strategy and we are delighted to partner with the talents of MRI'.
MRI's Chung was previously President of media organisations, KBS and KyungHyang Daily News, and Press Secretary to retired South Korean President, Doowhan Chun. According to Chung, 'The combination of our talent and our Korean market expertise with Millward Brown's brand building tools and global resources makes for a strong consultancy formula - the best of local working with the best of global'. He will continue to manage the company, to be known as Millward Brown Media Research Inc., and will report into Millward Brown's regional Asia Pacific management structure based in Singapore.
Millward Brown's home page is at www.millwardbrown.com
. The company is part of WPP's Kantar. Media Research Inc. is online at www.mediaresearch.co.kr