Foreign firms eyes Turkish advertisement sector
ISTANBUL - HürriyetTurkey’s advertisement sector is on its way to reaching a total volume of $4 billion as it continues to attract foreign investors while the U.S-based company McCann Erickson is in talks to buy the young Turkish advertising agency Rafineri.
Turkish advertising agencies tend to be partner with foreign investors, with 17 of the 30 largest advertising agencies in Turkey having merged or been acquired by foreigners, according to sources. However, there are only three Turkish firms listed in the top ten list.
Rafineri Advertising Agency, which works with almost 50 brands and has won several awards during its 12 years in the sector, is now a target for acquisition by McCann Erickson with claims floating around that the two companies were close to making a deal.
The mergers and acquisitions activities will be intensified in Turkey’s advertisement sector in the future, said Turkish Association of Advertising Agencies Chairperson Ayşe Bali, stressing that the agencies that are mostly active in digital and field activities would be chosen.