WPP Group PLC
02 March 2005
FOR IMMEDIATE RELEASE 2 MARCH 2005
WPP GROUP PLC ("WPP")
Poster Publicity and Portland to merge
to create global outdoor media company
WPP has agreed with Poster Publicity Group Limited ("Poster Publicity") to merge
WPP's current outdoor specialist, Portland Outdoor Limited ("Portland"), with
Poster Publicity to create a global outdoor media buying and planning business.
This is conditional on regulatory approvals.
WPP's collective media investment management operation, GroupM, will transfer
its outdoor business and professionals into the new venture, resulting in a
leading global outdoor specialist business with offices in over 35 countries,
including the UK and the US.
The new company, whose name will be announced separately, will be headed by Eric
Newnham as CEO, with other key management posts being taken up by the key
managers of Poster Publicity and Portland. The new company will employ over 300
professionals.
Portland's net revenues as at 31 December 2003 were £10.5 million, with net
assets of £8.1 million as at that date. Poster Publicity's net revenues as at
30 June 2004 were £10.4 million, with net assets of £8.1 million at that date.
Portland's gross billings as at 31 December 2003 were £148.4 million and Poster
Publicity's billings as at 30 June 2004 were £199.8 million.
This investment continues WPP's strategy of developing its networks in important
and fast-growing markets and sectors.
For further information please 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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