British multinational advertising and public relations company WPP has agreed to acquire Filmworks China, an entertainment marketing agency in China, through its global media investment management arm GroupM.
This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors.
Filmworks' unaudited revenues for the year ended December 31st 2011 were approximately RMB 12m, with gross assets at the same date of approximately RMB11m. It has a blue-chip client list that includes Electronics Arts, DreamWorks, TCL Television, Li Ning and Yili Group.
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Greater China remains one of the fastest growth markets for WPP and is currently WPP's third largest market with revenues of $1.3bn and 14,500 people including associates.
The deal is subject to regulatory approval. WPP's share price was up 0.29% to 876.50 at 09:31.
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