WPP subsidiary acquires stake in Aussie marketing firm

Acquisitive advertising conglomerate WPP announces that its wholly owned operating company, Ogilvy, a global marketing communications group, has acquired a 33.33% stake in the capital of DTDigital, a digital marketing firm in Australia.

DTDigital's unaudited gross revenues as at December 31st 2011 were around A$14.38m with total assets of A$4.76m at the same date.

In a statement, the firm said: "This investment reflects the group's commitment to grow its digital assets and to support this growth with a strong independent technology capability."

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues 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

Sign up

Based on consensus forecasts for 2011, WPP's digital revenues will total over $4.5bn and almost 30% of its projected $16bn revenue. WPP has set a target of 35-40% of revenue derived from digital in the next five years.

The share price fell 0.27% to 740.5p by 10:52.

NR