NEW YORK—Andy Marks is departing Matter, the sports and entertainment firm he co-founded in 2003, three years before it was acquired by Edelman.

Marks, who has led the division since it became part of Edelman, will leave the business at the end of this week. In an email, he said he was "seeking to satisfy my entrepreneurial impulse."

Richard Edelman told the Holmes Report that the company is currently searching for Marks' replacement. Last year, as part of a senior-level reshuffle, Gail Becker was handed oversight of Matter, along with Edelman's partnership strategy. 

Edelman added that "all options" are being explored regarding Matter's future, but that the brand name will be retained. Matter has grown to around $18m in annual revenue, with offices in New York, Los Angeles, Chicago and London.

He noted that while the firm's sports and special events capabilities are solid — illustrated by recent Sochi Olympics work for Dow Chemical, Kellogg and Citi — its entertainment activity is "underperforming."

Prior to founding Matter, Marks was EVP of brand partnerships at Hypnotic, a production and marketing services company backed by Universal Studios.