UK-based advertising giant WPP announced an investment in a French media group today as part of its post-Brexit vote mainland Europe push.
Les Nouvelles Editions Indépendantes SAS (LNEI) was founded in 2009 in Paris and has investments in media titles such as the Le Monde newspaper, the French Huffington Post and Vice France.
Announcing the undisclosed investment, WPP said: “As a result of the UK's referendum decision to leave the European Union, WPP will place an even greater emphasis on growth in Western Continental Europe, which includes four of the group's top 10 markets worldwide: Germany, France, Italy and Spain.
“In France, WPP companies, including associates, generate revenues of over $700m and employ around 5,000 people.”
WPP founder and chief executive Sir Martin Sorrell strongly backed Remain in the lead up to the referendum. On 24 June, after the UK voted Leave, he made it clear “we must build our presence [in Western Continental Europe] even further”.
In an interview with City A.M. last month, Sorrell said he would like the UK to be offered another vote on EU membership.