LONDON: Chime Communications, the owner of Good Relations and Harvard PR, is buying international motorsport marketing firm JMI for up to $70.7 million.
JMI, short for Just Marketing Inc., was founded in 1995 and employs about 130 people in the US, UK, and Hong Kong. It is focused mainly on Formula 1, NASCAR, and IndyCar.
Chime, in which WPP Group is a major shareholder, also said it will raise approximately $41.4 million by issuing shares.
JMI will become part of Chime's sports marketing division, CSM Sport & Entertainment, which is chaired by former British athlete and businessman Sebastian Coe.
“This is the most sizable acquisition CSM Sport & Entertainment has made to date and signals our strategic entry into the exciting world of motorsports and the important US market,” Coe said.
This story originally appeared on the website of PRWeek.