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. The deal will see the company sell a majority of its shares to an unnamed Chinese investor, according to Bloomberg. 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.