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| Mark Read |
WPP chief Mark Read is ironing out a deal to sell The Farm, film/TV post-production unit, to US-based Picture Shop, according to the Times of London.
Former WPP CEO Martin Sorrell acquired a majority stake in The Farm in 2004.
Founders Vikki Dunn and Nicky Sargent own a 25 percent stake in the studio.
The divestiture is part of Read's strategy to downsize WPP and focus on its creative and technology offerings.
At the June 12 annual general meeting, Read said his plan to sell a majority stake in the Kantar research business "is progressing in line with our expectations."
Reiterating 2019 financial guidance, Read noted revenues will be down 1.5 percent to 2.0 percent " with stronger headwinds in the first half, due to client assignment losses in the latter part of 2018.
WPP reported a 5.5 percent decline in Q1 PR revenues to $292M as its BCW and Hill & Knowlton units suffered the loss of Pfizer assignments, and cutbacks in client spending due to the economic uncertainty.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
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