Media News

WPP CEO says to buy Quasar Media in India

BARCELONA, Nov 16 (Reuters) - WPP WPP.L Chief Executive Martin Sorrell said on Friday his company was buying India-based online media agency Quasar Media, the latest acquisition designed to broaden his global portfolio of digital assets.

Sorrell referred to the transaction, which he said would be announced on Monday, during a presentation he gave at the Morgan Stanley technology, media and telecoms conference.

“It is going to be a WPP digital acquisition in India. There is no financing required of any significance in terms of the context of the group,” he said on the fringes of the conference.

Mumbai-based Quasar is part of the Smile Interactive Group and focuses on online media, search and mobile marketing.

Clients featured on Smile's Web site include Microsoft MSFT.O and Britain's Aviva AV.L while partners include Yahoo YHOO.O and 24/7 Real Media Inc, the Internet ad firm WPP bought in May for $649 million.

WPP is the world’s second-largest advertising and marketing services firm and operates in more than 100 countries. Sorrell founded the business in 1985. (Reporting by Gavin Haycock; Editing by David Cowell)