Global advertising company, WPP, has acquired the remaining 70% of the issued share capital of Australia’s third largest advertising and marketing services company, The Communications Group Holdings (TCG).
The move will see the various TCG businesses integrated into Young & Rubicam Brands in Australia, with Zenith Media joining WPP’s GroupM network.
This investment reinforces WPP’s communications services offering and continues the Group’s strategy of developing its networks in important and faster growing sectors and markets.
WPP enjoyed a strong start to 2005, claiming worldwide revenues were up by over 20% year on year for the first five months of 2005, reflecting strong organic growth and the contribution from the newly acquired Grey Global (see WPP Reports Strong Start To 2005).
WPP reported average net debt for the first five months of the year to be down £130 million, or 15% like for like, to £740 million, compared to £870 million in 2004.
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