According to a story by the U.K.’s Sky News, the Alibaba Group and Tencent are in early-stage talks with WPP to acquire a significant stake in its Chinese operations.
According to Sky News, Alibaba, Tencent and China Media Capital Holdings have held talks about buying around 20% of WPP China. WPP chairman Roberto Quarta and co-chief operating officer Andrew Scott are believed to have been in China recently to discuss the deal which could see WPP pooling Chinese agency operations, which is valued at over $2 billion, into a new holding company.
The consortium, which would be made up of Alibaba, Tencent and CMC would acquire roughly equal shares in the new entity, with WPP Group maintaining majority ownership and control.
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