WPP to sell stake in China business to Alibaba and Tencent

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.