LAS VEGAS - Advertising and communications agency holding group WPP's CEO Sir Martin Sorrell says the company has invested in new sports marketing firm Bruin Sports Capital to unify its broad offering for a live sports entertainment industry that will continue to boom.
"The rights prices around (global) sporting events ... have continued to rise... much to people's surprise," Sorrell tells Beet.TV in this video interview. "The reason is the supply of global sports events is very limited -- probably to three events -- the World Cup, the Olympics and Formula 1.
"Consumers want live sporting events, whether it's traditional media or new media. With the growth of alternative screens, it's quite possible the sports rights prices will continue to escalate."
As AdAge reports, Bruin is founded by former IMG Wordwide global sports and entertainment president George Pyne. The firm is effectively being launched with the $250mn investment, led by WPP along with contributions from unnamed additional backers.
"Our (sports) experience at WPP is very fragmented -- it's in many silos.... whether it be in advertising or media or public relations or branding and identity or data investment management or even in healthcare and digital," Sorrell adds.
"The object behind Bruin is to pull together our offering in much more integrated way."
We interviewed him at the Consumer Electronics Show yesterday.
You can find this post on Beet.TV.