WPP and Providence Equity Partners have joined to launch a $540M bid for UK's Chime Communications, parent of Good Relations, Team Spirit and Harvard PR operations.

Chime confirmed it's in "advance discussions" about the sale, a potential deal that is under review by an independent committee of the board.

WPP owns about 20 percent of Chime, the sports marketing-oriented firm that was founded by Lord Bell in 1989.

The Financial Times reported that WPP plans to maintain its investment stake and work closely with its US partner to expand operations of a privately owned Chime.

WPP and Chime face an Aug. 26 deadline to make the acquisition or call it off. Chime noted there "can be no certainty" a deal will happen.

Providence has been active in the sport-related investment game with stakes in Yankees Entertainment & Sports Network and Learfield Sports, a college sports rights and marketing firm.