As the Asia region sees moderate growth, advertising giant WPP has acquired full ownership of Y&R and Wunderman JV agencies in the APAC region.
In Asia Pacific, Greater China, India, Japan, Thailand and Korea, represent five of the WPP Group’s top six markets, clocking strong growth, with Singapore turning out to be more challenging.
Acquiring full ownership of Y&R in Malaysia, Singapore, Thailand and Vietnam, plus Wunderman in Taiwan and Thailand as well as full ownership of Dentsu Sudler & Hennessey in Japan following a share swap with Dentsu Inc, the ad conglomerate WPP is set to add huge billings.
WPP’s companies in the Asia-Pacific generated revenues of around $4.8 billion. The advertising major has also been hunting for acquisitions in India and China, especially in the fast-growing areas such as the Internet and mobile phones.
In its first quarter 2018 update, WPP said strong growth was recorded in Asia Pacific, Latin America and Central and Eastern Europe.
With WPP CEO Sir Martin Sorrell stepping down and the ongoing hunt for a new CEO, the CEO of Wunderman and WPP Digital, Mark Read, as well as WPP Corporate Development Director and COO of Europe, Andrew Scott, were appointed as joint COOs of WPP.
In a statement, Mark Read and Andrew Scott pointed out that WPP has unrivalled assets and capabilities with its creative agencies, media buying and planning business as well as research, data and insight companies.