WPP boss Sorrell says he doesn’t want to buy Photon
WPP has no interest in investing in the Photon Group despite rumours to the contrary, CEO Sir Martin Sorrell has told Mumbrella.
His statement follows speculation in the Sydney Morning Herald last week that the low share price may drive chairman Tim Hughes to take the group private. Photon’s portfolio includes ad agencies BMF, Love and BWM, strategic comms outfits Naked Communications and Bellamy Hayden and PR firm City Public Relations. Yet it has a current market capitalisation of just $95m.
And today’s Australian Financial Review reported rumours that Europe-based WPP had been approached to take a stake – which Photon denied.
Mumbrella asked WPP CEO Sorrell by email: “Would WPP have any interest in investing in Photon if the opportunity arose?”
His reply to Mumbrella was blunt: “No”.
On Friday, WPP revealed financial results that exceeded analysts’ expectations. And although the group reported strong growth within Asia Pacific, it described Australia as one of the “weaker” markets within that.
Tim Burrowes founded Mumbrella in 2008. He worked on Mumbrella until 2021. At various points he was editor, content director and editor-at-large.
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Australia as a weaker market?
Surely not with JWT Sydney’s new business record over the last year?
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Bit of a chatterbox, isn’t he?
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Is that the shortest interview in history? He should join Twitter.
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i know Naked wouldnt be too happy about being WPP owned…their whole business is built on being anti -WPP in everything they do…but sometimes you may just have to join the crew
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Sir Martin can be eloquent with few words. I asked him last year something about revenue and he said “bigger than Google.”. *laughs* a lot in those 3 words 😛
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Gerry its not just Naked – cant imagine any of the Photon crew mixing well with the ye olde worlde WPP.
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Anything to get some interest in the stock and the price moving in the opposite direction to the recent trend, or just trying to take interest away from the ANZ refinancing deal?
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What does a wire and plastics products company know about running communications agencies? Not a lot.
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