Advertising giant WPP is selling its stake in the sports marketing agency Chime to help cut its hefty debt pile. WPP is expected to offload the 25% holding for £50m to the American buyout firm Providence Equity Partners, which already owns 75%. It is the latest step in a dramatic overhaul under Mark Read, who succeeded Sir Martin Sorrell as chief executive of WPP after a boardroom bust-up last year and is trying to simplify the sprawling empire. The Sunday Times revealed earlier this month that WPP was selling its 75% stake in TV and film post-production house The Farm to America’s Picture Shop. WPP has also sold kitchen products manufacturer Wire & Plastic Products to its management team after 34 years in charge. It
WPP is reportedly selling its 25% stake in sports marketing agency Chime. US buyout firm Providence Equity Partners, which owns 75% of the company is expected to buy the ad giant’s stake for around £50m. The potential deal is part of an overhaul designed to simplify the business and pay off its debt which stood at £4bn in December. WPP recently sold Wire & Plastic Products to its management team, and is also selling its 75% stake in The Farm.