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Karmarama, a London-based advertising firm, has sold a 50 percent stake to private equity firm Phoenix Equity Partners in order to raise money for acquisitions and international expansion, the Guardian reports. Founded in 2000, Karmarama's client list includes Nintendo, the BBC, and Unilever brands.
Charles Watson, the former group chief executive and current global chairman of New York PR firm Financial Dynamics, will become chairman of the new Karmarama group of companies, while former Ingenious Media executive Adam Silver will join as corporate development director.
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