Interpublic Group is closing down Magna Global Entertainment and will hand over functions for the branded entertainment unit to Mediabrands, the media buying and planning unit it set up in July, Adweek reported. Mediabrands handles the general support and related backup for IPG’s various media buying and planning shops. As the agency business has faced increased pressure from the recession, Magna Global is being refocused to concentrate solely on research and insights. MGE had produced hundreds of hours of programming for broadcast and cable. The holding company’s approach to branded entertainment is changing now, especially as the web still struggles to find a suitable model for online video advertising. Given the wide array of choices and formats, branded entertainment productions will now be the responsibility of the individual agencies.