Palisades Media Group, which serves as Netflix's advertising agency, suddenly informed staff on Friday that the company would be closed permanently at the end of the day, individuals with knowledge of the situation told TheWrap.
Employees received a company-wide email that it was closing at the end of the day, a fraught development for Netflix, which is just beginning the second phase of its Emmy campaigns. At Palisades, the news came as a shock because the atmosphere had been business-like, even though the company, according to knowledgeable individuals, is lagging behind in payments to suppliers.
"They were closed because they were embezzling and the FBI raided them," an employee of a rival agency told TheWrap.
But it is not yet clear why the advertising agency will close. Palisades Media and Netflix did not immediately respond to TheWrap's request for comment.
The surprising move comes just days after the Emmy nominations were announced and all the networks and streamers are posting their advertising campaigns for the September ceremony. Netflix ranks second among all networks and platforms with 105 nominations.
In addition to Netflix, Palisades Media has an impressive number of clients, including Orion Pictures, Bleecker Street, the Hollywood Bowl, Zelle and Vizio.
More to come…
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