Mark Read
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.