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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 CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
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.
