WPP subsidiary acquires stake in Aussie marketing firm

Acquisitive advertising conglomerate WPP announces that its wholly owned operating company, Ogilvy, a global marketing communications group, has acquired a 33.33% stake in the capital of DTDigital, a digital marketing firm in Australia. DTDigital's unaudited gross revenues as at December 31st 2011 were around A$14.38m with total assets of A$4.76m at the same date.In a statement, the firm said: "This investment reflects the group's commitment to grow its digital assets and to support this growth with a strong independent technology capability." Based on consensus forecasts for 2011, WPP's digital revenues will total over $4.5bn and almost 30% of its projected $16bn revenue. WPP has set a target of 35-40% of revenue derived from digital in the next five years. The share price fell 0.27% to 740.5p by 10:52.NR