NEW YORK--Deutsch and rap impresario Russell Simmons have decided to dissolve their 3-year-old joint venture known as dRush, an urban-focused marketing agency in New York.
The agency will continue to operate for 90 days as it disengages from its lone client Allied Domecq. DRush handled the Courvoisier cognac and Sauza Tequila brands.
A statement from both entities said, "A joint decision by both venture partners has been made to dissolve dRush. Due to increased business demands combined with 2003 opportunities already in the pipeline, it was agreed that resources would be better used to support initiatives that represent higher growth potential. [Deutsch CEO] Donny Deutsch and Russell Simmons will continue to partner and provide strategic counsel on an as needed basis."
The move will result in layoffs of the 10 dRush staffers, including agency president Peter Drakoulias.