MUMBAI: Havas and Percept are floating a media buying joint venture outfit, signalling consolidation in the space as agencies battle for size.

PH Media, the new entity, will house the media buying businesses of Havas Media and Percept Media with a combined volume output of over Rs 20 billion, giving it enough muscle to bid for a wider pool of clients.

Havas Media CEO Anita Nayyar said, “We are delighted to announce this landmark joint venture with Percept. This partnership will not only ensure exponential growth by volume consolidation for the agencies but also make the new entity a strong contender with volumes upwards of Rs 20 billion.”

Nayyar, however, did not elaborate on how much Havas will hold in the joint venture. "I can‘t also comment on how much of business we are targeting in the first year," she said.

PH Media will be an independent entity with a dedicated infrastructure managed by a CEO who will report to the PH Media board comprising members from Havas Media and Percept Media.

A search is on for the new CEO of PH Media and in the interim the responsibilities will be handled by Nayyar.

So how will the joint venture stand to gain amid competition in the media buying space? "It’s a win-win situation for all the three stakeholders - media owners, agency and the clients. This relationship means volume consolidation for both the agencies, efficiencies and value additions for our clients, and larger business for media owners,” said Nayyar.

The two agencies hope to ride on their combined strength as they plan their next phase of growth. “The JV gives us an opportunity to break the monotony and look at media buying with a fresh perspective – greater emphasis on technology and research, futuristic organisation structure and a whole new suite of software, tools and processes. Together, we will take media buying in India to the next level.” said Percept Media director & CEO Shripad Kulkarni.