This story is available exclusively to Business Insider subscribers.The founders of Character, a branding and design agency that sold to Dentsu International in 2018, allege in an arbitration claim that the advertising company may owe them as much as $82.4 million.
A Dentsu spokeswoman declined to comment, saying the arbitration is confidential. Character and its law firm did not respond to requests for comment.The founders of a Silicon Valley design and branding agency acquired by Dentsu International in 2018 allege in an arbitration filing that the advertising company may owe them up to $82.4 million.
The arbitration claim includes a copy of the original sales agreement between the two companies that called for an upfront payment of $17.6 million to the founders, followed by a "top-up payment" and five earnouts based on Character's growth and profitability. According to the claim, Dentsu cycled Character through five holding company executives assigned to help the agency grow but that they knew little about the business and provided little to no support.
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