Global advertising company, WPP, has agreed to merge it’s current outdoor specialist, Portland Outdoor Limited, with Poster Publicity, creating a £350 million global outdoor media buying and planning business.
The deal will see WPP’s Group M transfer its outdoor business and professionals into the new venture, resulting in the emergence of a leading global outdoor specialist business with offices in over 35 countries, including the US and UK.
The new company is yet to be named and will be headed by Eric Newnham, with other key management posts being taken up by key managers at Poster Publicity and Portland.
Commenting on the deal, Eric Newman, chief executive officer of Poster Publicity said: “Today’s companies want to have a global perspective when planning their outdoor media campaigns. Our clients are as excited about this opportunity as we are. They see the benefits as we do in having a broader reach.”
This investment continues WPP’s strategy of developing its networks in important and fast growing markets.
WPP recently reported a 15% increase in profits for 2004 to £546 million, with revenue up almost 5% to £4.3 million in the last year (see WPP Reports Good 2004).
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