|Bid||1,180.00 x 593300|
|Ask||1,300.00 x 208500|
|Day's Range||1,206.50 - 1,247.00|
|52 Week Range||1,074.00 - 1,610.00|
|PE Ratio (TTM)||8.54|
|Earnings Date||Sep 4, 2018|
|Forward Dividend & Yield||0.60 (5.04%)|
|1y Target Est||1,390.62|
WPP PLC said Tuesday its former Chief Executive Martin Sorrell has jeopardized his right to share awards worth around £20 million ($26.5 million), the latest salvo in a bitter breakup between the advertising giant and its former leader. WPP’s contention against its 73-year-old founder came on the day Mr. Sorrell announced a deal to buy Netherlands-based MediaMonks, his first acquisition since leaving WPP in April. WPP also sought the Dutch digital production agency, showing Mr. Sorrell is shaping up as a rival to his former firm.
Martin Sorrell beat WPP (WPP.L) in the race to buy a Dutch digital agency on Tuesday, infuriating his former company and revealing the animosity raging between the two sides. Sorrell left the world's biggest advertising group WPP in April over a complaint of personal misconduct. Leaving without a non-compete clause, he set up a new company weeks later and took on his former firm in a bid battle for the agency MediaMonks.
Martin Sorrell beat WPP in the race to buy a Dutch digital agency on Tuesday, infuriating his former company and revealing the animosity raging between the two sides. Sorrell left the world's biggest advertising group WPP in April over a complaint of personal misconduct. Leaving without a non-compete clause, he set up a new company weeks later and took on his former firm in a bid battle for the agency MediaMonks.
Martin Sorrell’s new venture acquired Dutch digital agency MediaMonks Multimedia Holding BV, beating his former employer WPP Plc in the auction and setting up a possible clash with the advertising powerhouse. Sorrell’s S4 Capital Ltd. is paying the owners of Amsterdam-based MediaMonks in shares of his investment company as well as cash, according to a statement Tuesday that didn’t include other terms. Bloomberg first reported that the deal could come as soon as Tuesday, with Sorrell outbidding WPP and rival suitors to pay about 300 million euros ($352 million).
July 10 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy. - Martin Sorrell's new marketing venture ...
Martin Sorrell’s new marketing venture has agreed to acquire a Netherlands-based digital production agency, topping a rival bid from the WPP PLC, the advertising giant he spent decades building. Financial terms weren’t disclosed, but people familiar with the matter said Mr. Sorrell’s new venture, which he plans to call S4 Capital, will pay around €300 million ($352 million) for MediaMonks in cash and shares. Mr. Sorrell’s pursuit of MediaMonks shows the 73-year-old executive hasn’t lost his appetite for acquisitions, especially if that means dueling with his former employer over prize assets.
The following are the top stories on the business pages of British newspapers. The French energy supplier blamed rising wholesale gas and electricity costs for the 6 percent increase to its standard tariff, which will take effect on Aug. 31 and push up a typical bill to 1,228 pounds a year. A long period of low interest rates will create dangerous vulnerabilities in the financial system and could set the scene for another market crisis, the Bank for International Settlements has said.
The set-to between WPP Plc and former CEO Martin Sorrell is becoming increasingly acrimonious. WPP is now threatening to withhold 20 million pounds ($27 million) of stock awards from him, according to Sky News. For Sorrell, it keeps his investment vehicle S4 Capital Ltd. in the news as he prepares to raise as much as 1 billion pounds.
WPP PLC founder Martin Sorrell has sent a letter to shareholders of his new marketing venture seeking their approval to raise up to £1 billion ($1.32 billion) to fund acquisitions. In looking to build a war chest, Mr. Sorrell is positioning his new firm—to be named S4 Capital—to go head-to-head with his former company and other major advertising firms that are targeting similar acquisitions. On Tuesday, The Wall Street Journal reported that Mr. Sorrell and WPP had submitted rival bids for Mediamonks, a Netherlands-based digital creative agency, ahead of a deadline last week.
Martin Sorrell is at risk of losing his multi-million pound exit package from WPP (WPP.L) after his new advertising venture sought to buy a business that his former employer is also pursuing, a person familiar with the matter told Reuters. The letter comes as WPP competes with Sorrell's new venture, S4 Capital, in the race to buy Dutch digital agency Mediamonks. Sorrell left WPP without a non-compete clause.
The following are the top stories on the business pages of British newspapers. Glencore Plc has been ordered by American authorities to hand over documents relating to its business activities in Democratic Republic of Congo, Venezuela and Nigeria dating back more than a decade, a move that sparked alarm among investors. SIG Plc will name EY as its auditor after shareholders sacked Deloitte last month in an almost unprecedented vote.
The ad holding company submitted an offer for Netherlands-based digital creative agency MediaMonks ahead of last Friday’s deadline for bids to buy the firm, according to a person familiar with the matter. A rival bid was put in by Mr. Sorrell’s new venture, S4 Capital, another person said. Founded in 2001, MediaMonks produces games, films and websites, often to serve the needs of advertising agencies.
Martin Sorrell has won financial backing from Crispin Odey, an influential London investor, for his new venture after leaving the world’s largest advertising company. “People have made a lot of money with Martin and he doesn’t look like a man who wants to rest,” Odey, founder of hedge fund firm Odey Asset Management, said in a phone interview. The support from one of Britain’s best known fund managers is a vote of confidence in Sorrell, who was ousted as chief executive officer from WPP Plc in April after an investigation into alleged personal misconduct.
WPP PLC said it has asked outside lawyers to investigate a handful of anonymous, encrypted emails sent to current and former employees. Some of the emails contained messages taken from a WhatsApp group that included former executive assistants to Martin Sorrell, who resigned as chief executive of the advertising giant in April, according to a person familiar with the matter. The WhatsApp group was used in part to coordinate Mr. Sorrell’s travel, the person said.
CANNES, France—This year’s Cannes Lions advertising festival, Madison Avenue’s annual jaunt to the French Riviera, showed all the signs of an industry undergoing wrenching change. The consulting firms, who are trying to edge onto their turf, stepped up their presence, as did other players like China’s Alibaba Group Holding Ltd. and Amazon.com Inc. Fewer yachts for ad-tech companies reflected the turbulence and consolidation in the sector.
CANNES, France—WPP PLC founder Martin Sorrell denied Friday that he visited a prostitute and paid with company money, as he fielded questions about his reasons for resigning as chief executive of the world’s largest advertising company. “It’s not true,” Mr. Sorrell said of the allegation. Speaking on stage at the Cannes Lions advertising festival with Ken Auletta of the New Yorker, Mr. Sorrell was asked about a report in The Wall Street Journal that the company’s board had investigated whether he used company money for a prostitute.
Former WPP boss Martin Sorrell denied on Friday that he had visited a prostitute and paid using company money when pressed on a stage in front of hundreds of people about why he had left the advertising giant he founded. Sorrell, speaking on the main stage at the Cannes Lions advertising festival, was asked by the New Yorker journalist Ken Auletta about reports in the Wall Street Journal and Financial Times that a colleague had reported him to WPP management for using a prostitute. The 73-year-old quit WPP in April after the company said it had investigated an allegation of personal misconduct but neither Sorrell nor the company have given any details about the nature of the complaint.
Martin Sorrell confronted the central allegation that triggered his exit from the world’s biggest advertising group, WPP Plc, saying he didn’t use company funds to pay for sex. The 73-year-old executive addressed the issue directly for the first time in an on-stage conversation with New Yorker writer Ken Auletta at the Cannes Lions ad industry festival in southern France. Previous denials to the accusation, which was reported by the Wall Street Journal, came from a Sorrell spokesman.
CANNES, France—Former WPP PLC chief Martin Sorrell lashed out at the ad giant on Thursday, criticizing its strategy as well as the handling of his resignation as CEO in April. Mr. Sorrell, who was attending the annual Cannes Lions advertising festival, said he “violently” disagreed with Chairman Roberto Quarta’s claim that he was treated the same as any other employee facing dismissal. After decades at the firm, Mr. Sorrell stepped down after The Wall Street Journal reported in early April that WPP’s board was looking into an allegation of improper personal behavior and whether he had misused company assets, and that the board had retained a law firm for a probe.
“The most damaging thing," the former WPP chief said, was the leak over Easter weekend to the Wall Street Journal.