U.S. advertising agency Draftworldwide said Thursday it has agreed to set up a joint venture in Japan with Japanese advertising firm Commons Co. and Nihon Keizai Shimbun Inc.
The joint venture, to be called Draftworldwide Commons K.K., will be capitalized at 98 million yen with Draftworldwide and Commons investing 42 percent each, while Nihon Keizai and Nikkeisha Inc., the business daily's advertising affiliate, will invest the rest.
Draftworldwide is continuing its expansion into the Asia-Pacific region while Commons is seeking a worldwide network.
Jordan Rendor, president of Draftworldwide, will become chairman and Commons President Yutaka Namioka will become president of the new venture.
With offices in 27 countries, Draftworldwide posts an annual operating revenue of $3 billion.