 Roland Rudd |
Roland Rudd, who founded Finsbury in 1994, is interested in buying the unit back from WPP, a deal that could fetch $130M for the beleaguered ad/PR conglomerate.
The Financial Times reports that Rudd, who sold Finsbury to WPP in 2001 but remains chairman of the financial PR/PA powerhouse, is working to line up financing for the transaction.
Since that effort is in its early stages, there is no guarantee that the former FT journalist will pull off a deal.
Rudd is one of "London's most-connected executives," according to the FT, which cited his close ties with ex-prime minister Tony Blair.
WPP CEO Mark Read, who took over the helm from the ousted Martin Sorrell last summer, has been in the process of streamlining WPP and revamping as a "creative transformation company."
The UK-based Finsbury merged with New York-based Robinson Lerer & Montgomery in 2011. It also has partnered with Washington's Glover Park Group and Germany's Hering Schuppener shops.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
Institutional Shareholder Services advises investors to vote "no" on a compensation package for WPP chief Cindy Rose at the May 8 annual meeting.
FTI Consulting chalked up a 9.5 percent rise in Q1 revenues to $983.3M, powered by gains in its PR, corporate finance and technology segments.
Stagwell reports 4 percent growth in Q1 net revenues to $585M and a record $141M in net new business wins.
WPP reported a 6.7 percent drop to $3.1B in Q1 like-like revenues less pass-through costs. CEO Cindy Rose says 'it will take time to outpace historical losses."
