Interpublic also said it was upping its stake in marketing service company Middle East Communications Networks.

Yesterday, Interpublic revealed less than hale second quarter earnings – they sank 30% to $95.1 million. Industry observers say the company is hoping to prop itself up with continued investments in digital platforms.

As of 9:33 a.m., Interpublic’s stock was up 0.01% to $8.52.

Peter Hershberg, Managing Partner of Reprise Media stated “Over the past five years, the nature of the conversation between marketer and consumer has undergone change, thanks in large part to the rise of search marketing. It has been truly exciting watching the search industry evolve and change over that period. We can’t wait to see what the next five years will bring for our company and our industry.”

Some of the firm’s achievements over the past year include: expanding staff across all of its domestic offices; launching a new practice in social media marketing and being acquired by Interpublic Group last April.

Michael Roth, Chairman and CEO of Interpublic said “With reprise Media, Interpublic acquired a best-in-class agency in one of the fastest growing disciplines in advertising. Not only is Reprise Media itself producing terrific results for its own clients, the company is working hand-in-hand with many IPG agencies and their clients. This collaboration makes our work more powerful. Research demonstrates that integrated marketing that includes smart search campaigns grows exponentially in effectiveness. With Reprise Media, we’ve got some of the smartest people in the business helping both our clients and Interpublic grow.”

The business decision will affect 10 creative and media-buying agencies, and forces companies like Interpublic’s DraftFCB, which was a longtime agency for Verizon Corp., and independent McGarrybowen, which worked for Verizon Corp. since 2002 to consider alternative sources of revenue.

According to an AdAge article, TNS Media Intelligence placed Verizon’s 2006 spending across all its entities at $1.9 billion. One insider, however, placed the true value of the account closer to $1.1 billion.

Interpublic Group’s, McCann WorldGroup will now be responsible for double duty. Universal McCann, which had handled planning and buying for wireless, will take on duties for all national media planning. McCann Erickson, part of McCann WorldGroup, has been the creative agency for wireless and will now be responsible for combined creative duties. A windfall in opportunity for McCann WorldGroup, to be sure.

“The Verizon brand resonates with customers as one strong tradition in providing quality communications products and services,” John Stratton, exec VP-chief marketing officer at Verizon said in a release. “Fewer agencies will allow us to leverage key creative teams and develop one immediately identifiable Verizon brand.”

Verizon Corp. makes the announcement in an obvious effort to increase efficiency of marketing and advertising dollars.

As an ad buyer, WPP handles about $50 billion in client advertising funds. WPP plans to use Spot Runner’s service to help clients target ads at the local level across multiple media channels, while keeping a consistent brand image. Interpublic is also interested in Spot Runner’s targeting capabilities and wants to develop its direct response and hyper-targeted communications abilities. CBS wants to use Spot Runner to help sell its TV, radio and internet ad properties, and to add a new ad channel specifically for local advertisers.

“CBS, WPP and Interpublic are amongst the most forward-thinking leaders in the media and advertising industries,” said Spot Runner CEO Nick Grouf in a statement. “Their investment in Spot Runner is a strong endorsement of our mission to deliver cutting-edge solutions for our mutual clients and of the importance of reaching customers at the local level.”

Financial specifics of the deal have not been released. Spot Runner will use the new funds to bolster its TV ad buying platform and expand into other markets like IPTV, online video, and video-on-demand.