WPP to snap up South Korean agency

2nd Jul 2012 07:15

Highly acquisitive media giant WPP has agreed to acquire the South Korean media planning and buying agency, Alchemedia, which will be merged into its GroupM Korea subsidiary.Alchemedia, founded in 2004 and based in Seoul, generated revenues of 1.4bn South Korean won (£0.78m) in 2011 and had gross assets of KRW 10bn. The combined company's clients include Audi, GlaxoSmithKline, IBM and Procter & Gamble.WPP, led by frontman Sir Martin Sorrell, said in a statement: "This investment continues WPP's strategy of developing its networks in fast-growing and important markets and sectors."No financial information regarding the acquisition price was given.South Korea's media spend in 2012 is forecast to reach KRW 9.95 trillion, an increase of 6.5% from the previous year, according to GroupM.BC