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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.
The Silicon Valley agency had major clients including Instagram, Google, and DoorDash, and Dentsu positioned its acquisition as key to expanding its consulting practice.
Character s founders allege that Dentsu violated the terms of its contract, depriving them of all earnouts beyond the initial $17.6 million upfront purchase.
A Dentsu spokeswoman declined to comment, saying the arbitration is confidential. Character and its law firm did not respond to requests for comment.