WPP's GroupM Buys 49% Stake In US-Based Haworth Marketing + Media

Tue, 23rd Sep 2014 08:55

LONDON (Alliance News) - WPP PLC Tuesday said its GroupM media investment management company is to acquire a 49% stake in US media agency Haworth Marketing + Media for an undisclosed sum.

The FTSE 100-listed advertising group said Haworth's billings for the year to October 31 were approximately USD700 million, with gross assets held by the group at USD87 million at the same date.

The acquisition comes a day after WPP invested USD25 million for a stake in advertising technology company AppNexus Inc and its VML unit acquired Chinese social media agency Teein.

WPP shares were down 0.9% on Tuesday to 1,271.22 pence per share.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

WPP