WPP buys Chinese social media agency

Acquisitive advertising conglomerate WPP is to acquire CIC, a social media research and consulting agency in China.

CIC employs around 120 people servicing a number of prestigious clients, such as L'Oreal, Pepsi, Dell, Nike and Burberry.

CIC's unaudited revenues for the year ended 31 December 2011 were approximately RMB 29.9 million, with gross assets at the same date of around RMB 22.4 million.

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CIC will be integrated with WPP subsidiary, Kantar Media, which also operates in China's retail, health, shopper, brand, innovation and custom research sectors.

"This investment continues WPP's strategy of developing its services in fast-growing and important markets and sectors. Greater China - a region WPP has been committed to for over 20 years - remains one of the fastest growth markets for the company, currently WPP's fourth largest market with revenues of US $1.1 billion in 2011," a statement from WPP said.

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