29th Mar 2016 14:54
LONDON (Alliance News) - Media and advertising group WPP PLC said Tuesday it has acquired US media agency Communications Media Inc, and plans to use the company as a media investment management hub.
WPP said it will integrate the media unit of its health communications experts company Ogilvy CommonHealth Worldwide into the newly acquired CMI, and then plans to use CMI as a media investment hub for GroupH, which is the parent company for WPP's healthcare specialist companies.
WPP said CMI's unaudited revenue was USD38.0 million as of December 31.
WPP said the acquisition was part of its continuing strategy to invest further in the US and in "important disciplines" such as pharmaceutical and healthcare markets.
No financial details of the deal were disclosed.
Shares in WPP were up 0.7% at 1,607.00 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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