Advertising giant WPP PLC (LON:WPP) is to sell its majority stake in Britain’s largest post-production firm, The Farm, in a deal with Los Angeles-based group Picture Shop.
The FTSE 100 firm said the move was in line with its strategy of simplifying its operations by disposing of non-core assets and focusing on its main businesses.
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WPP has owned a 75% stake in The Farm for over 20 years, during which time the company has been involved in the production of hit series including ITV plc’s (LON:ITV) Downton Abbey, the BBC’s Gentleman Jack, and E4’s Made in Chelsea.
While the details of the sale were not disclosed, the Sunday Times, which first reported on Picture House’s involvement in June, estimated that the deal would be worth around £50mln.
In mid-afternoon trading on Friday, WPP’s shares were down 0.4% at 980.8p.