GroupM Sets Up New Post

LONDON: Richard Foster has been promoted to managing director of GroupM Entertainment in the U.K. and director of strategy and distribution for GroupM Entertainment worldwide.

Upped from his role as the U.K. unit’s commercial director, Foster will be responsible for the development and execution of GroupM Entertainment’s business in Britain and will help structure and oversee a coordinated global strategy for all GME content-oriented initiatives. He will report to London-based Nick Theakstone, the CEO of GroupM U.K., and Los Angeles-based Peter Tortorici, the CEO of GroupM Entertainment worldwide. Prior to joining GroupM Entertainment in January 2008, Foster served as a London-based senior VP for Fox TV Studios.

This is a new position in the company, one that will focus on all financial aspects of the creation, production and distribution of content. Foster will work in partnership with companies across the entertainment sector on projects such as co-productions, deficit financing, co-development agreements and distribution agreements.

“Richard brings high-level skills, intelligence and energy to GME that will help chart our direction and accomplish our goals both in the U.K. and worldwide,” said Tortorici. “His experience in financing and innovative commercial structures has already shown strong results and has established a framework for us to move forward.”

“We are very excited about the progress made and the opportunities ahead in content, finance, and distribution,” commented Theakstone. “Richard has driven our success, which is why we are delighted he is now in a position to take us to the next level.”

Foster added, “The key to our success has been to understand and demonstrate added value to our partners, including broadcasters, and as the entertainment industry faces increasing financial pressures, we will continue to work with companies across the sector to develop and provide new finance and revenue models.”