Oct 25, 2013, 1:00 PM EST
Big, big business of racing news went down today with the news Zak Brown’s Just Marketing International, JMI for short, has been acquired by London’s Chime Communications PLC. Brown and Lord Coe, Executive Chairman of CSM Sport & Entertainment, announced the deal.
For Chime, it marks its first entry into the U.S. market. JMI will be a wholly-owned subsidiary of Chime. No financial details were identified in the official JMI release, but a report out of the U.K. by Sky News estimates that Chime will be paying around £50m for JMI in a deal that will involve placing roughly £25m of new shares with leading City investors.
Brown will still stay head of JMI, head of its new motorsport division and has been named Global Head of Business Development within CSM Sport & Entertainment.
A video explaining the deal is linked here, via the JMI website. Some of JMI’s clients include Farmers Insurance and Verizon; they had got Diageo and its brands into racing as well, and Brown is considered one of racing’s top business movers and shakers.
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