Marketing mogul Steve Stoute has sold his branded entertainment agency Translation, Consulting and Brand Imaging to the Interpublic Group of companies, AllHipHop.com has learned.
Translation is agency that matches celebrities with Fortune 500 companies to create advertising and marketing campaigns and to help better connect with young, savvy consumers.
While financial terms of the deal were not disclosed, Stoute was very satisfied with his latest business move.
"I'm very happy that Translation has been recognized and Interpuiblic group has taken us on as partners," Stoute told AllHipHop.com. "Hip-Hop has given birth to a new breed of entrepreneurs and I'm proud to say I'm one of them."
Translation is based in New York and employees over 50 people. Under the new deal, Translation will be able to take advantage of Interpublic's vast resources and global reach.
Interpublic has over 43,000 employees worldwide in over 100 countries and boasts annual revenues that exceed $6 billion dollars.
Stoute, 36, was a top executive at Sony and Interscope Records. He also managed the careers of superstars like Kid-N-Play, Nas, Mary J. Blige, The Trackmasters and others.
Translation has delivered a number of extremely successful advertising campaigns that incorporate R&B and Hip-Hop artists.
The company helped create McDonald's' immensely successful "I'm Lovin' It" jingle, which featured Justin Timberlake.
In addition to providing strategic counsel and marketing guidance for Chevrolet and GM, Translation has also crafted successful campaigns, pairing with Hewlitt-Packard with Jay-Z, Tommy Hilfiger with Beyonce, T.I. with Chevrolet's Chevy Impala brand and Kelis with Ford's Focus crossover SUV.
Stoute also helped pair Reebok with Shawn "Jay-Z" Carter, who's S. Dot collection is the fastest and best selling shoe in the company's 111-year history and counts Verizon and Yahoo as clients.
In 2005, Translation was a winner at Ad Week's 1st Annual Buzz Awards, taking home the Best Music award for the Hewlett-Packard spot.
Translation is expected to continue to operate as an autonomous business unit under Interpublic Group.