WPP the advertising and marketing giant has confirmed they have sold a 25% stake in Chime, the sports and marketing agency for an initial £54.4m.
WPP said they sold the 25% stake to the majority shareholder in Chime, a US investment firm Providence who already hold a 75% stake.
WPP’s latest move is part of the company slimming down operations and cut their debt under Mark Read who took over Sir Martin Sorrell.
The advertising firm are axing 3,500 jobs across the globe as the firm plans to slash costs by £275m.
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