LONDON (Alliance News) - Media buying giant WPP PLC said Tuesday it has acquired a majority stake in London-based sports marketing agency Two Circles Ltd.
Financial details of the acquisition were not disclosed. Two Circles posted revenue of GBP2.7 million for the year to end-August, with gross assets of GBP1.0 million.
It has clients including the England and Wales Cricket Board, Ascot Racecourse and Liverpool FC.
It will continue to operate as a stand-alone business within WPP's ESP Properties business, and will be led by its current Chief Executive Matt Rogen and Managing Director Gareth Balch.
The Financial Times reported on Monday that WPP plans to build on the investment it had made in Bruin Sports Capital, which is seeking to spend around USD250 million on buying up sports rights.
http://next.ft.com/e4c0c02c-fd7f-11e4-9e96-00144feabdc0
Shares in WPP are trading up 1.2% at 1,579.00 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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