WPP’s Ogilvy and Young & Rubicam advertising agencies have agreed to acquire a 35.2% stake in LG Ad, Korea’s second largest advertising agency.
LG Ad employs over 500 people and its major clients include LG Electronics, LG Telecom and Korean Air. The business reported revenues of KRW57.3 billion for the year ended December 2001 and had net assets of KRW86.6 billion at that date.
WPP’s investment in LG Ad will be managed jointly by Ogilvy & Mather Worldwide and Young & Rubicam Advertising. Senior executives from each agency will join the Board of LG Ad.
