NEW YORK WPP’s GroupM has promoted Richard Foster to the new role of director of strategy and distribution for GroupM Entertainment Worldwide and managing director of the firm’s U.K. entertainment practice.
Foster (pictured) will report to Peter Tortorici, CEO of GME Worldwdie and Nick Theakstone, CEO GroupM U.K.
Foster will now focus on all financial aspects of the creation, production and distribution of content and help structure a coordinated global strategy for all GME content-oriented initiatives. He will work with companies across the entertainment sector on projects including co-productions, deficit financing, co-development agreements and distribution agreements.
In addition, Foster will be responsible for the development and execution of GME’s business in the U.K.
Previously, Foster was commercial director at GME U.K., and before that was he served as an svp at Fox TV Studios in London.
“Richard brings high-level skills, intelligence and energy to GME that will help chart our direction and accomplish our goals,” said Tortorici in a statement. “His experience in financing and innovative commercial structures has already shown strong results and has established a framework for us to move forward.”
Commenting on his new role, Foster said: “The key to our success has been to understand and demonstrate added value to our partners, including broadcasters — and as the entertainment industry faces increasing financial pressures, we will continue to work with companies across the sector to develop and provide new finance and revenue models.”