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 looking to buy the ad giant ’s stake for around £ 50 million . The potential deal is part of an overall plan to simplify the company and pay off its debt which stood at £ 4bn in 2016 . WPP recently sold Wire & Plastic Products to its management team , and is also selling its 75 % stake in The Farm .
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.