WPP's subsidiary buys stake in Australian's digital agency

(ShareCast News) - Publishing giant WPP said one of its subsidiaries has acquired a majority stake in an Australian digital agency.The FTSE 100 group confirmed J. Walter Thompson Australia has bought a stake in Webling, a company focused on providing strategy, ideation and design for mobile and digital channels.Founded in 2004, the Australia-based group posted revenues of AU$ 4.4m and had gross assets amounting to AU$1.3m in the 12 months to 30 June.WPP said the acquisition marked a further step towards its goal of developing its networks in fast-growth markets and sectors.The London-listed company and its associates generate revenues of $1.2bn in Australia and New Zealand, while the figure grows to $5m in the Asia Pacific region.WPP shares were up 2.21% to 1,340.00p at 0827 BST on Thursday.