ADVERTISING giant WPP has bought a majority stake in British online marketing firm Fortune Cookie, the latest acquisition for Sir Martin Sorrell’s firm as it aims to expand its digital reach.
The deal, estimated at up to £30m, will net Fortune Cookie’s founder and chief executive Justin Cooke a hefty sum as he becomes head of the British arm of WPP subsidiary Possible Worldwide.
Cooke, who launched Fortune Cookie in 1997, told City A.M. the deal was needed to compete in the international market as more small agencies are bought out by major firms.
“You need to be thinking globally, and that’s hard to do when you’re a small agency,” Cooke said. “There are clients that we want to service globally, so it was a good deal for us.”
Fortune Cookie’s 190 staff will become part of Possible Worldwide as it bolsters its presence in the UK.