WPP lines up to save Worldpop
LONDON - Advertising giant WPP Group has emerged as one of 20 companies lining up to help rescue sinking music and media company Worldpop.
WPP is joined in the race to help save the company, founded by former Radio 1 DJ Peter Powell, by Music Choice Europe, World Entertainment News Network, Diageo and Clickmusic, as well as several venture capitalists, according to Nick Wood, joint administrator at accountancy firm Grant Thornton.
Wood said, "The company is continuing to trade and we hope to conclude a deal in the next couple of weeks."
As expected, Worldpop was placed under administration yesterday when it failed to raise further funding after ploughing its way through £13m since its launch in 1999.
According to earlier reports, the company only needs a £1m cash injection to secure its future.
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