22nd Jun 2019 13:13
(Alliance News) - Marketing and media company WPP PLC said Friday it has sold its majority stake in UK post-production services firm The Farm to Burbank, California-based Picture Shop.
The sale of The Farm, which has been part of WPP more than 20 years, is part of the strategy set out in December by WPP's new chief executive, Mark Read, "to focus on its main areas of business and simplify its operations through the disposal of non-core assets".
The change in direction follows the departure of founder and former chief executive, Martin Sorrell, last year.
WPP did not disclose the terms of the sale; however, the Financial Times reported that WPP's 75% stake in The Farm was valued at close to GBP50 million, citing "a person briefed on the negotiations".
Picture Shop calls itself a "visual post house", offering complete and integrated services to both the feature and television communities.
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