MediaCom Forms Holding Company

NEW YORK — Grey Global Group’s has created a worldwide holding company for its MediaCom network called MediaCom Worldwide. Alec Gerster and Alexander Schmidt Vogel, currently chairman and vice chairman of the MediaCom network, will be CEO and COO respectively of this new management unit, which will essentially be responsible for MediaCom’s global operations.

No replacements have been named to Gerster’s and Schmidt-Vogel’s former positions and the company will likely eliminate those titles, Gerster said.

The decision was driven by the company’s growth and its stepped up plans to pursue acquisitions and develop new services over the next two years, Gerster said.

Gerster declined to discuss specific plans involving any potential acquisitions, but he said that the holding company will be looking to branch out into areas that can complement MediaCom’s current resources, which could include acquiring companies involved in software development.

“We’ve made a number of acquisitions in the past few years that were centralized projects that we have going on that need a single roof,” he said.

MediaCom Worldwide will encompass all MediaCom subsidiaries such as Beyond Interactive, which specializes in online advertising.

Jon Mandel, MediaCom’s chief negotiating officer, was named to the holding company’s management board, but will still maintain his present responsibilities, Gerster said.