 |
| Mark Read |
WPP Group has sold a 60 percent stake in its Kantar research unit to Bain Capital for $4B as part of CEO Mark Read's plan to simplify the structure of the ad/PR giant.
The deal, which is expected to close in early 2020, will result in a $3.2B after-tax gain for WPP.
Read has earmarked 60 percent of that windfall for debt reduction and about a third for distribution to shareholders.
WPP will retain a 40 percent Kantar stake and looks forward to working with Bain to "unlock its full potential," according to Read.
Luca Bassi, managing director at Bain, called Kantar a "market leader in many areas" and a "remarkable platform for growth." He said Bain sees many expansion opportunities and stands ready to invest in Kantar to "expand the company’s capabilities and reinforce its global leading position.”
Eric Salama, Kantar CEO, said Bain "is a partner who shares our ambition, brings relevant expertise and – with WPP – can help us accelerate our growth and impact for clients."
WPP chief Cindy Rose is cutting up to 1,000 jobs by the end of the year, adding to the 11K jobs lost since the start of 2025, according to a report in the Financial Times.
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.
