TOKYO - A joint venture between Japanese and American agencies has been formed to manage the $1.1 billion advertising account for Nissan Motor Co.
H&T Worldwide is the name of the 50: 50 joint venture being set up by Hakuhodo, Japan's second-largest advertising agency, and US-based network TBWA Worldwide.
The venture will set up three global branches - in Japan, the USA and Europe - with H&T Japan handling Nissan advertisements in the carmaker's home market.
The Japanese venture will be 80 percent owned by Hakuhodo. H&T USA will be 80 percent owned by TBWA.
Following Renault's global tie-up with Nissan, the French carmaker put Carlos Ghosn in place as Nissan's chief operating officer. In the autumn, Ghosn directed the two agencies to work more closely together in an effort to build a consistent global brand image for Nissan.
Hakuhodo handles Nissan in Japan and non-English-speaking Asian nations, while TBWA works on the business in North America and other countries including Australia, Hong Kong and New Zealand. In Europe, TBWA and Hakuhodo have a decade-old joint venture headquartered in Amsterdam.
In December, Hakuhodo and TBWA agreed to set in motion plans to form a joint venture to cooperate with Nissan on a global basis. The closer ties between Hakuhodo and TBWA, part of the world's largest advertising organization, Omnicom Group, are significant to Hakuhodo, which prides itself on being Japan's largest independent agency.