WPP goes for youth market

5th Apr 2011 07:10

Barely a third of the year has gone and already advertising giant WPP must be thinking about getting a new cheque book after it announced another acquisition.This time round WPP is buying a minority stake in Vice Holdings, a global youth media brand that operates in more than 30 countries. Launched in 1994 in Montreal, Canada, to publish an underground magazine, Vice has its own record label, a book and magazine publishing division, its own television services and it also operates its own full-service media agency. At the end of 2010 its gross assets stood at US$34.3m.As well as an infusion of cash from selling off a stake to WPP the Canadian company is reportedly also receiving investment from Tom Preston, co-founder of music television network MTV, plus boutique investment firm Raine Group.WPP's investment follows its acquisition announced on 22 March of Who Digital, the leading full service digital agency in Vietnam. Meanwhile, back in January, it announced three acquisitions in a single week.---jh