WPP Group PLC
16 May 2006
FOR IMMEDIATE RELEASE 16 May 2006
WPP GROUP PLC ("WPP")
GroupM acquires stake in HYLZ in China
WPP announces that its wholly-owned operating company GroupM, the leading media
investment management network, has acquired, subject to regulatory approval, 49%
of the issued share capital of Beijing Hua Yang Lian Zhong Advertising Company
("HYLZ"), a leading media investment management agency specialising in on-line
and interactive media in the People's Republic of China.
Founded in 1994 and based in Beijing, with a branch in Shanghai, HYLZ employs 99
people. HYLZ had audited revenues of CNY 20.75 million (US$2.6 million) for the
year ended 31 December 2005, with net assets as at the same date of CNY 15.5m
(US$ 1.94m). Clients include China Mobile, MOTO, BMW, AMD and Ebay and the
agency is a leading customer of Google, Yahoo and Baidu.
This acquisition continues WPP's strategy of developing its networks in fast
growing markets and sectors. Greater China is one of the fastest-growing
markets for WPP, with over $400 million of revenue - almost one-third of the
company's total Asia Pacific business. WPP earns the highest amount of
revenues from this region amongst its competitors. Consequently, the Group,
which employs 6,000 professionals in Greater China, has a very strong
leadership position in the region - as it does in Asia overall - across all
marketing disciplines.
Contact:
Feona McEwan, WPP 44-20 7408 2204
www.wpp.com
This information is provided by RNS
The company news service from the London Stock Exchange
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