Madison buys 24.5% in Thai event management co

MUMBAI: Mumbai-based media agency Madison Communication has picked up a 24.5% stake in Penada Entertainment, a Bangkok-based event management company.

The deal value was not immediately known, but sources said it could be in the range of Rs 1.75 cr to Rs 2 crore. Outdoor media specialists Selvel Vantage has also bought a 24.5% stake in Penada for the same amount.

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Launched in 1996, Penada Entertainment is into corporate events and promotions, apart from event management. The company, which has a total billing size of Rs 10 crore, recently hosted a motor acrobatic show called Moto X in Bangkok.

Sam Balsara, chairman and managing director of Madison Communications, confirmed the deal. "The company caught our fancy as the events business is growing at a fast pace.

Given the fact that the traditional media platforms have become very competitive and cluttered, new avenues such as events do not put much pressure on income and profitability," Mr Balsara said.

Initially, Madison will focus on strengthening the company's business in Thailand. In the next stage, it will consider an event management company in India.