The founding partners of New York-based global brand communications agency INVNT have bought the agency back from parent company, Time Inc.
Neither Time nor buyers Scott Cullather and Kristina McCoobery divulged the terms of their purchase.
Analysts say selling INVNT is part of Time’s plans to condense its portfolio and focus on the core business. Time’s shares have dropped 18% in the past year and the company has cut 300 jobs, or 4% of its workforce worldwide, since the spring.
In business since 2008, INVNT was acquired by Time Inc. in 2015. The founders now say they are looking forward to a new period as an independent agency, creating and producing brand engagements for various audience segments.
“We are excited to begin the next chapter of the INVNT story as an independent, strategically-focused creative and production agency, specializing in live brand storytelling,” said INVNT CEO, Cullather. “As the media landscape continues to change, we believe that ‘live’ is the most potent form of engaging audiences today. The best direction for INVNT is to be a private, independent agency, and we are very excited for what the future holds.”
INVNT will retain its name, continue to service existing clients, and will remain in its current headquarters in New York City. INVNT has satellite offices in London and in a number of key US locations.
“As a company and culture, INVNT has always lived by its Challenge Everything mantra and ethos; we attract restless, curious, independent thinkers who are inspired by working alongside other INVNTrs to challenge the status quo,” said the agency’s COO McCoobery. “We look forward to deepening our commitment with our existing clients, and introducing new clients to our unique perspective and approach to the business of brand communications.”