WPP buys 30% stake in Chinese creative agency Newsun
LONDON - WPP Group has continued its expansion into China, with J Walter Thompson buying a 30% stake in the ad agency Newsun Insight.
Newsun is based in the southern city of Guangzhou and was founded in 2002. It employs 115 people and counts clients such as Guandong Telecom, Star Music DVDs, Chinese brand Li Bai detergent and Zhong Yi pharmaceutical, as well as several property companies.
WPP, headed by chief executive Sir Martin Sorrell, has been steadily building its Asia-Pacific offering with numerous acquisitions over the last two years. Most recently, it acquired Taiwanese media agency MediaCore and the Chinese creative agency Fujian Effort.
The company said that the acquisition of Newsun reinforced its communications services offer and continued its strategy of developing its networks in important markets.
WPP's businesses in Asia Pacific, Latin America, Africa and the Middle East account for 17.2% of its total revenues and saw growth of almost 29% over the last year, compared with 12% growth in the UK and 8.5% growth in Europe.
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