Henry Silverman, Bob Pittman Back Ad Agency Droga5.

Financier Henry Silverman and media executive Bob Pittman have invested several million dollars in ad agency Droga5, which the firm will use to finance expansion.

Droga5 is a privately held New York agency that is highly regarded on Madison Avenue. The firm, whose clients include Microsoft Corp., Coca-Cola Co. and Kraft Foods Inc., last year won several top prizes at the Cannes International Advertising festival, including for a multi-platform campaign promoting Jay-Z’s memoir “Decoded.”

While Droga5 declined to disclose the terms of the deal, a person familiar with the matter says the agency has raised roughly $6 million to $7 million.

Mr. Pittman is a veteran of MTV and AOL. Most recently he became chief executive of radio giant CC Media Holdings. Mr. Silverman, who is best known for his role in building Cendant Corp., is currently vice chairman of Apollo Global Management LLC, the private equity firm.

Mr. Silverman, who is joining Droga5’s advisory board, said he met Mr. Droga and was impressed by his socially conscious work.

http://blogs.wsj.com/digits/2012/02/17/henry-silverman-bob-pittman-back-ad-agency-droga5/?mod=dist_smartbrief