(From left) Iris co-CEO Stewart Shanley, Cheil Worldwide CEO Daiki Lim and Iris co-CEO Ian Millner
Deal gives South Korean group option to later acquire 100 per cent of the business.
South Korean agency group Cheil Worldwide has made a ‘significant initial investment’ in Iris, which could potentially rise to 100 per cent of the business over the next five years.
Iris said that it would remain a separate entity to Cheil but that the deal would give it access to greater resources. The acquisition means that Cheil will buy the US publisher Meredith out of its minority stake in Iris. A spokeswoman for Iris declined t
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