WPP announces second acquisition of the day

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.

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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