Global advertising giant WPP announced its second acquisition of the day on Wednesday, after its wholly-owned subsidiary Burson-Marsteller purchased the assets of Crowdverb, a start-up company based in Seattle, Washington.
Crowdverb, which was purchased for an undisclosed sum, joins WPP's legion of public relations and public affairs firms, which in 2011 generated $1.4bn of the group's total $16bn revenue.
It added that it will be aligned with Direct Impact, a grassroots advocacy firm that is also part of Burson-Marsteller, but did not give any further detail on the matter.
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
Earlier on Wednesday, WPP unveiled plans to acquire Hungarian marketing agency Carnation Internet Tanacsado for an undisclosed sum, as it attempts to expand its footprint within digital media.
WPP's share price fell 2.21% to 840.50p, tracking a 2% fall across the media sector.
NR
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
