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(Alliance News) - WPP PLC said Monday it has streamlined its reporting structure following an internal review.
"A key element of our strategy is to align our technology capabilities more closely with our creative expertise, and to simplify WPP through the creation of fewer, stronger, integrated agencies," the advertising giant said.
As a result, some of WPP's businesses that currently report within Public Relations & Public Affairs, Brand Consulting, Health & Wellness and Specialist Communications have been merged with entities within Advertising & Media Investment Management.
Specifically, WPP noted this will affect Wunderman, VML, Ogilvy PR and OgilvyOne. Also, WPP's US healthcare companies have been re-aligned within Advertising & Media Investment Management.
Finally, Burson Marsteller and Cohn & Wolfe have been merged to form Burson Cohn & Wolfe.
WPP said the changes will affect the way the company reports internally.
"This change only affects the business sector reporting structure of the results; there is no change to the group-level financial statements or the geographical segmentation," WPP noted.
Following the review, WPP will report under four business units: Global Integrated Agencies, Data Investment Management, Public Relations and Specialist Agencies.
WPP shares were down 2.4% at 914.80 pence early Monday in London.
