MELBOURNE: Mitchell Communication Group has confirmed its acquisition of Melbourne digital creative agency Visual Jazz for $12.6 million in cash and shares.
AdNews last week named Visual Jazz as the most likely candidate for a MCG takeover, after the media buying giant announced it was in the final throes of a digital agency acquisition.
MCG and Visual Jazz have worked on a number of clients together and enjoy a strong working relationship, according to MCG CEO Stuart Mitchell.
"This acquisition is the natural next step in that relationship. David and his team have been providing leading digital design and production for over five years. This acquisition means those skills can now be applied across a broader range of businesses and clients within The Mitchell Group," said Mitchell.
Visual Jazz will add creative and production capabilities to support other Mitchell companies, including its IPTV and branded content division, Digital Artists.
Founders David Stephenson, Konrad Spilva and Brett White will continue to run the rapidly growing digital agency.
Payment consists of $10.7 million in cash, with the remainder paid as shares in MCG (trading under MCU on the ASX).
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