TVC Group, the broadcast PR agency, has closed down after 22 years in business as part of the pandemic related restructuring at publisher The Economist.
The Economist cut jobs of 90 staff members across TVC, events and its client solutions business two weeks ago. No cuts were made to the editorial staff.
A spokesperson from The Economist said:
“I can confirm that we are closing TVC as a standalone business and brand and integrating core competencies into the Economist Group’s broader client offerings. Clients are being notified and open projects will be completed or transitioned per our commitments. This change to TVC was part of broader changes at the Economist Group as an effect of the Covid-19 pandemic.”
Another source added:
“The Economist never really knew what to do with TVC and this made the integration challenging. Culturally, the companies were very different so it was a struggle to find a natural up-sell both ways – particularly when so many of the Economist’s clients were B2B whereas TVC worked with consumer fashion and FMCG brands. The Economist acquired a world class content business in TVC, but struggled to find the natural up-sell between content and PR and the traditional media they were accustomed to selling.”
TVC was found in 1998 and was known for ground-breaking broadcast and content work for various clients, including Jaguar Land Rover, Coca-Cola, British Gas and Aviva.
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