WPP takes stake in Beijing advertiser
4 December 2006
Global marketing group WPP said Friday it had bought a 49% stake in local advertiser Beijing Raynet for an undisclosed price, the Financial Times reported. The deal was agreed through Ogilvy & Mather Worldwide, which is owned by WPP. Raynet, whose clients include China Netcom, Liaoning Mobile and Liaoning Netcom, is part of a media advertising sector that is expected to grow 29% this year to US$19 billion. WPP, which is competing with Omnicom and Publicis for market share, believes China will be its third biggest market by the 2008 Beijing Olympics. Earlier this year WPP's Grey Advertising saw its joint venture with domestic player Citic Guoan come to an end but Ogilvy & Mather's partnership with Shanghai Advertising has been extended for another 15 years.
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