FT31 Jul 2015 08:30
Chime or reason: So another U.S. private equity group is buying one of the London Stock Exchange’s ugly ducklings. Like most media deals, this one has personalities. Chime was set up by Margaret Thatcher’s PR guru Lord Bell. (No, he did not represent Augusto Pinochet; his contract was with the Pinochet Foundation.) He exited in 2012, selling his shares for 147p each. The big question is over Lord Bell’s occasional nemesis, Sir Martin Sorrell. His ad group WPP once threatened to sell its 20% stake but is now likely to stay aboard. Sir Martin’s sporting endeavours include a Directorship at Formula One, a new WPP sports rights agency, and an annual stint opening the batting at a cricket match at Goodwood. Will Chime eventually become a WPP bauble? Providence is paying a 16 times next year’s forecast profits. Sir Martin would be unwise to pay more next time Chime comes around.