28th May 2015 10:41
LONDON (Alliance News) - Advertising and public relations firm WPP PLC Thursday said two of its wholly owned subsidiaries have agreed to acquire a majority stake in an a company in France that specialises in advertising out-of-home, Financiere Poster.
Financiere Poster manages media planning and buying for agencies and direct clients, and provides planning and measurement technologies to both agencies and vendors. It employs 25 people and is based in Paris. The two subsidiaries to acquire the majority stake are Kinetic and GroupM.
No details about the deal, including the total consideration and stake to be acquired, have been revealed by WPP.
WPP said Financiere Poster will continue to be led by existing Chief Executive Xavier Sorato. The company reported consolidated revenue of EUR9.8 million in 2014 with gross assets worth EUR8.5 million.
WPP added that Tenthavenue, Kinetic's parent company, is a global leader in developing and delivering content that aligns brand objectives with consumer needs in out-of-home and moving environments. The subsidiary companies of Tenthavenue provide comprehensive branding services in global in-flight entertainment, out-of-home media advertising, mobile marketing and digital publishing, it said in a statement.
Out-of-home advertising or media is advertising that reaches the consumer while they are outside the home.
Global media investment management operation GroupM serves as the parent company to WPP media agencies including Maxus, MEC, MediaCom and Mindshare.
"This investment continues WPP's strategy of investing in important markets such as France, where WPP companies, including associates, collectively generate revenues of around USD800 million and employ approximately 5,000 people," said WPP.
WPP shares were up 0.1% to 1,586.00 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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