Global media network Tempus – formerly CIA Group – stood by helplessly yesterday as WPP inexorably added £4 million-worth of additional shares to its existing [and unwelcome] holding in the group.
The shares, acquired from an institutional investor, increase WPP’s stake in Tempus from around 17% to 18.4%. WPP chief executive Sir Martin Sorrell has made no secret of his desire to corral the media specialist into his WPP fiefdom. “We want to build the finest media planning and buying company in the world and in the long term CIA could become part of that," he told ad mag Campaign in 1999.
Responded Tempus chairman and founder Chris Ingram: "The fact that Sorrell is investing in our company rather than his own is rather telling. At the very least it suggests he recognises what good value we are."
News Source: CampaignLive (UK)