Following the departure of Martin Sorrell as CEO of WPP and the retirement of Irwin Gotlieb, the head of WPP’s GroupM media unit, GroupM has agreed to sell IEG, the IEG Sponsorship Conference and ESP Properties’ U.S. brand consultancy to Engine Shop.
Related: Gotlieb Steps Down From Chairman Post at GroupM
IEG will operate as an autonomous affiliate of Engine Shop and continue to be headquartered in Chicago.
Financial terms were not disclosed.
The company’s exclusive IEG Valuation and Measurement services will continue to support global brands and rights holding organizations across all lifestyle verticals.
Founded in 1982, marketers and rights holders have used IEG to value and measure sponsorship programs.
Related: Sorrell Steps Down as CEO of Agency Giant WPP
The IEG Sponsorship Conference has been an annual fixture on the industry calendar for 35 years. Changes to the conference will begin in 2019, starting with a new programming format covering multiple consumer engagement drivers and a focus on trend-forecasting and thought leadership.
Sponsorship.com, the organization’s website, will relaunch at a later date as IEGWorld with a new approach to content and distribution.
WPP acquired IEG in 2006.
