McCann Erikson Worldwide Inc. has invested $4 million in TheTime, a new media investment firm founded by Ilan Shiloach and Nir Tarlovski. Shiloach is also the chairman of McCann Erikson Israel Ltd.
The investment was made at a company value of $30 million for TheTime, which will use the money for follow-on investments in its portfolio companies after joint seed funding with the Office of the Chief Scientist. A McCann Erikson executive will join TheTime's board of directors.
Following the investment, McCann Erikson will own 15% of TheTime, Shiloach will own 30%, Tarlovski will own 25%, managers of TheTime, McCann Erikson Israel and Shiloach company Matomy Media will own 17%, Eurocom Group will own 9%, and other financial investors will own 5%.
TheTime CEO Uri Weinheber said, "This is a strategic investment for TheTime, which is bringing in a partner that knows the new media world, and exposes the firm and its portfolio companies to the world's biggest ad agencies, and through them to customers and the world's leading media groups."
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2012
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