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BUCHAREST -- U.S. advertising agency Young & Rubicam has formed a joint venture with Romanian media group MediaPro that aims to cover 20 percent of the local advertising market this year, the firm's general manager said.
Bucharest-based MediaPro SRL is a private media holding set up in 1990, which includes a news agency, a printing operation and a film distribution company. It also operates a radio station and a TV channel. Turnover was $2 million last year, said Adrian Sarbu.
"Young & Rubicam/MediaPro wants to become Romania's top advertising company and to keep that position in the years to comer," he said.
Sarbu said the new venture had a capital of $100,000, most of it contributed by Young & Rubicam, but declined to give the size of the international agency's stake.
The Romanian advertising market has been slow to develop. Since Communism ended in 1989, Romania has been trying to privatize its economy but industrial output has fallen. Foreign investment fell to $217 million last year from $269 million in 1992.
Young & Rubicam Advertising had a turnover of $7.9 billion last year.
"We intend to develop a communications business here, as by handling communications in a country that moves from the command economy to the market economy you can quicken change," said Robert Barocci, Young & Rubicam's director for Central and Eastern Europe.
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