Three WPP agencies merge as management take stake
◆ WPP has sold a 49.9pc stake in PR agency Finsbury in a buyout deal that will make the former People’s Vote boss Roland Rudd chairman of the new venture, writes Simon Foy.
The deal means the advertising group will merge Finsbury with German agency Hering Schuppener Consulting and Washington DC lobbyist Glover Park Group.
WPP, which owns all three firms, will remain the majority shareholder in newly formed Finsbury Glover Hering with a 51.1pc stake, while the new combined management team will acquire the rest.
Financial details of the transaction were not disclosed. Alexander Geiser, managing partner at Hering, will become chief executive of the group, with Mr Rudd becoming co-chairman alongside Glover Park founder Carter Eskew. The combined group will be launched in early 2021 with its headquarters in New York.