WPP subsidiary acquires Mongolian agency

Advertising, media and communications giant WPP on Friday said its subsidiary Y&R Advertising has acquired Mongolian creative agency MCS Holding LLC.The agency will change its name to Y&R Mongolia and affiliate its business to WPP's global research consultancy TNS.It also said it will be the first ad network to establish a majority-owned agency office in Mongolia, where the economy is forecast to grow at 9.5% this year and 10% in the following year according to the Asian Development Bank.WPP expects to raise its revenues by 45% in the next five years by investing in fast-growth markets and new media.The group said it generates revenues of $5bn in the Asia Pacific region, where it employs half a million people.