China, 23rd July: WPP, a leading global, marketing communications service company, is in preliminary talks to sell a minority stake in its China business to a consortium which includes Alibaba, Tencent and China Media Capital (CMC).
The stake is estimated to be approximately 20% of WPP China, valued at between US$2 billion and US$2.5 billion.
WPP has set up partnerships with the companies in this consortium in the past. WPP established a social marketing lab with Tencent, and WPP has integrated multiple audience data sources with Alibaba. CMC’s founding chairman, Ruigang Li, has been a non-executive director of WPP since November 2012.
Source: Campaign Asia article