LONDON (Alliance News) - Advertising giant WPP PLC Wednesday said it has invested in US digital media company All Def Digital Inc, alongside other investors, as part of its pursuit of new technology firms.
WPP did not provide any details of the transaction, but said the company will join Silicon Valley-based WPP Ventures, its unit that explores investments in new technology companies.
WPP Ventures, Third Wave Digital Partners and Andreessen Horowitz all will be purchasing a stake in the business, alongside existing investors and venture capital funds Greycroft Partners and Advancit Capital, and Nu Horizons Investments and e.ventures.
All Def Digital was founded by "hip-hop impresario" Russell Simmons in 2013 and produces and distributes music and content that is tailored for the "urban-centric youth culture", WPP said, sending out its own content through its own media properties, social media channels, television, cinemas and live events.
It works with advertisers through an in-house creative advertising agency and has its own record label through a partnership with Universal Music Group.
"All Def Digital also operates a curated network of emerging and established talent including social video stars, stand-up comics, writers, actors, poets and hip hop recording artists. It is the fastest growing media brand in urban youth programming, touching over 100 million fans monthly across YouTube and Facebook," said WPP.
The business employs around 35 people in Los Angeles, adding to the 28,000 employees of WPP in North America.
WPP shares were trading up 0.5% to 1,530.0 pence per share on Wednesday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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WPP (WPP)