FTSE 100-listed advertising and marketing giant WPP has announced that its wholly-owned operating company, Y&R, acquired a majority stake in the Istanbul-based digital advertising agency CS Reklam Hizmetleri Sanayi Ve Ticaret A.. which trades as 'C-Section'.
C-Section specialises in creating microsites, apps and digital campaigns for the Turkish market.
Its unaudited revenues for the year ending December 31st 2012 were TRY 7.5m (£2.75m), with gross assets as at the same date of TRY 3.0m (£1.10m).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The agency will retain its independent identity and will not be merged with Y&R Istanbul.
The investment continues WPP's strategy of developing its services in fast growing markets and sectors.
In Turkey itself, WPP companies including associates employ nearly 1,000 people, generating revenues of $100m.
WPP's share price was up 0.58% to 1,039p at 10:20 on Thursday.
MF
-
Santander to close 95 branches across the UK putting 750 jobs at risk – full list of affected locationsSantander will cut its network to just 349 in the latest blow to high street banking. We look at a full list of 95 bank branches affected by today’s announcement.
-
Live: Bank of England expected to hold UK interest rates tomorrowExperts are confident that UK interest rates will be held at 4.5% when the Bank of England announces its decision tomorrow
