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 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 .