WPP has confirmed the sale of its TV and film post-production firm The Farm Group to LA-based rival Picture Shop.
The ad giant today said it has signed a deal to sell its 75 per cent stake in The Farm, which has worked on shows including the BBC’s Baptiste and Years and Years, and Sky’s Riviera.
The deal, details of which first emerged in a Sunday Times report last week, marks the latest move in a transformation strategy laid out by WPP boss Mark Read, who is looking to slim down the company in a bid to cut costs.
“WPP would like to thank all those involved with The Farm Group, and in particular co-founders Nicky Sargent and Vikki Dunn, for their contribution to WPP over more than 20 years,” the firm said in a statement. “We wish them well as they begin their next chapter of growth with Picture Shop.”
Sargent and Dunn, who founded The Farm in 1998, will retain their 25 per cent stake and re-invest in the expanded company.
The deal will also come as a boost to Picture Shop, which has worked for a range of production firms including Netflix, CBS and Warner Bros.
Cavendish advised WPP and The Farm on the deal.