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.
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
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.
MF
-
Barclays begins paying up to £100 compensation to customers after banking outageBarclays will pay up to £7.5 million in compensation to customers after its banking services were disrupted by an IT outage
-
Review: Shangri-La Paris – an ode to the world’s best foodNatasha Langan enjoys fine French and Chinese cuisine at the Shangri-La Paris
