2nd Mar 2005 12:53
WPP Group PLC02 March 2005 FOR IMMEDIATE RELEASE 2 MARCH 2005 WPP GROUP PLC ("WPP") Poster Publicity and Portland to merge to create global outdoor media company WPP has agreed with Poster Publicity Group Limited ("Poster Publicity") to mergeWPP's current outdoor specialist, Portland Outdoor Limited ("Portland"), withPoster Publicity to create a global outdoor media buying and planning business.This is conditional on regulatory approvals. WPP's collective media investment management operation, GroupM, will transferits outdoor business and professionals into the new venture, resulting in aleading global outdoor specialist business with offices in over 35 countries,including the UK and the US. The new company, whose name will be announced separately, will be headed by EricNewnham as CEO, with other key management posts being taken up by the keymanagers of Poster Publicity and Portland. The new company will employ over 300professionals. Portland's net revenues as at 31 December 2003 were £10.5 million, with netassets of £8.1 million as at that date. Poster Publicity's net revenues as at30 June 2004 were £10.4 million, with net assets of £8.1 million at that date.Portland's gross billings as at 31 December 2003 were £148.4 million and PosterPublicity's billings as at 30 June 2004 were £199.8 million. This investment continues WPP's strategy of developing its networks in importantand fast-growing markets and sectors. For further information please contact: Feona McEwan, WPP 44-20 7408 2204www.wpp.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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