He’s only been gone three months but former WPP PLC (LON:WPP) boss Martin Sorrell is already going head-to-head with his old employer.
Sorrell stepped down as chief executive of the ad giant in April over personal misconduct allegations which had been levelled against him.
READ: Sorrell ‘in talks’ to buy MediaMonks
It wasn’t thought that the 73-year-old would look to compete with WPP, calling his new venture, S4 Capital, a “peanut” compared to the £14bn firm he used to run.
But various reports have suggested WPP and S4 have both lodged bids for Dutch digital creative agency MediaMonks which produces games, films and websites, often to serve the needs of advertising agencies.
The value of MediaMonks is unclear, but the Financial Times estimates it will set Sorrell or WPP back at least €200mln (£180mln) to get a deal over the line.
Sorrell, who didn’t have a non-compete clause in his WPP contract, set up S4 with £40mln of his own money and non-binding commitments from institutions to arm with a further £150mln.
A spokesman for Sorrell declined to comment on the rumoured bids, while MediaMonks said it doesn’t comment on speculation.