16th Oct 2018 16:38
LONDON (Alliance News) - The Guardian reported Tuesday that WPP PLC is in "advanced talks" to buy the Financial Times newspaper's London headquarters for "more than" GBP90 million from Pearson PLC.
According to the Guardian, the move is "another significant" break from former Chief Executive Officer Martin Sorrell's reign, who resigned in April.
The FTSE 100-listed advertising giant is "understood to be close" to striking a deal for One Southwark Bridge, on London's South Bank from fellow FTSE 100 constituent Pearson.
The FT is planning to vacate the building next year and return to its old officers at Bracken House in central London.
It is unclear what parts of WPP's business will be moved into the new building but the Guardian speculates it "could well become" the company's new UK headquarters.
WPP left its old headquarters in Mayfair, London in August, described by the Guardian as a "symbolic decision" by Chief Executive Mark Read.
FTSE 100-listed publishing company Pearson still owns the building, despite selling the FT Group to Japanese media company Nikkei Inc in 2015.
https://www.theguardian.com/business/2018/oct/16/wpp-buy-ft-london-hq-one-southwark-bridge-sorrell
Shares in WPP closed up 1.6% Tuesday at 1,064.50 pence each. Pearson ended the day up 2.9% at 815.40p.
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