Hi Hardih,
Love the 'W' in the Cewe logo!
Although as per the brief it is the 'PhotoWorld' branding we want to be the main focus of the logo and the 'Cewe' branding being more subtle.
What about sticking with the current typeface of the Cewe logo (see here
http://www.cewecolor.de/de/home.html), and incorporate the colourful 'W' in the the word 'PhotoWorld' and make that the prominent text?