Dive Brief:

• Digital marketing and technology firm PMG has acquired Camelot Strategic Marketing & Media, one of the largest independent agency buyers of video, over-the-top (OTT) and connected TV (CTV), according to an announcement. Financial terms were not disclosed.
• The deal provides PMG with “advanced expertise” in CTV, OTT, traditional media and measurement. Dallas-based Camelot, in turn, will benefit from PMG’s knowledge in search, social, programmatic and other technology areas.
• The integration is effective immediately, though client needs will drive the timing of certain initiatives. PMG founder and CEO George Popstefanov will lead the combined company, which will employ 700 people worldwide.

Dive Insight:

PMG snapping up Camelot speaks to the growing value agencies are placing on emergent video channels like CTV, which saw a jump in popularity during the pandemic and has become a bigger focus for traditional media companies. CTV spending is forecast by WARC to grow 12.1% in 2024 to reach a total of $33 billion.

Working for a roster of clients that includes Apple, Nike, Best Western Hotels & Resorts, Gap and Shake Shack, PMG felt a need to offer a wider range of integrated marketing services, according to founder and CEO George Popstefanov. Camelot’s appeal was based on its “unrivaled video practice” and “commitment to innovation and furthering the video industry,” which was well-aligned with PMG’s “technological advancements, automation and innovation,” Popstefanov said in a press statement attached to the deal’s announcement.

The move comes as Camelot has increased its capabilities and knowledge in the CTV space. The agency piloted a product from Dish Network that enabled programmatic buying of linear and streaming inventory and was a launch partner for Magnite’s direct-buy video platform, ClearLine.

Camelot has also stepped up its game on the measurement front. The agency recently entered into a multiyear partnership with iSpot.tv, giving clients access to the media measurement company’s products, including unified cross-platform and verified streaming capabilities. Additionally, Camelot was Roku’s first certified partner, using the latter’s OneView measurement and technology platform when it launched in October 2022.

PMG, which is also based in Texas, was one of three independent agencies to contract with Reddit to gain access to incentives, enhanced measurement, insights and early access to new ad product tests usually reserved for large holding companies.