GLOBAL advertising giant WPP has taken a majority stake in its WVI Group joint venture, comprised of Russian media investment businesses including GroupM, MediaCom and global marketing communications company JWT.
WPP will hold an 80 per cent stake in the WVI Group following the deal, with an agreement to purchase the remaining 20 per cent stake in 2016, once the deal has passed its required regulatory approval.
“This investment continues WPP’s strategy of developing its services in fast-growing and important markets and sectors,” WPP said in a statement.
Russia generates half of WPP’s $600m (£366.5m) revenue from the Central and Eastern European markets, and WPP employees over 2,000 staff in the country.
WPP refused to reveal financial details of the transaction.