NEW YORK Magna Global Trading, a unit of Interpublic Group's Mediabrands, has rebranded as Orion Trading and opened five new offices overseas in Australia, Brazil, Germany, Mexico and Spain.
The expansion reflects the increased demand for barter advertising services by clients in the global recession. The IPG barter shop has had offices New York (where it is based), Los Angeles, London and Toronto.
According to company CEO Brian McMahon, the name change "reflects our continuing response to our clients who are looking for a global barter solution. Our company is experiencing immense client demand and continued powerful growth as the advertising industry becomes more knowledgeable about our services and the impact we can have on an international level, especially in this challenging economy."
McMahon founded the barter unit for IPG more than 12 years ago.
Commenting on the development, Mediabrands CEO Nick Brien said, "As business partners it is our responsibility to provide sophisticated and distinctive marketing solutions to our clients across the globe. Orion Trading provides an opportunity to transfer our clients' unsold merchandise or services into hard working media solutions that can have long-term positive impacts on their business."
Orion Trading specializes in exchanging underperforming assets and excess inventory held by clients for media time and services.