January 30, 2019 / 7:33 PM / 22 days ago

WPP to sell its 49 percent stake in consulting firm Richard Attias

FILE PHOTO - An usher holds a baton to guide attendees towards the AGM of advertising agency WPP in London, Britain, June 13, 2018. REUTERS/Toby Melville

(Reuters) - Advertising group WPP has agreed to sell its 49 percent stake in consulting firm Richard Attias & Associates (RAA) to the founder of the firm, Richard Attias, a RAA spokeswoman said on Wednesday.

WPP is selling its stake in RAA as the advertising firm looks to focus on its core businesses, she said, adding that the decision was mutual and the two companies look forward to future collaboration.

WPP spokesman Richard Oldworth confirmed to Reuters that the firm has agreed to sell its minority stake in RAA back to existing shareholders.

Sky News had reported bit.ly/2RWb6Ki earlier that WPP was looking to sell its stake in RAA, for tens of millions of pounds.

In December, WPP said it will invest to hire new creative staff and reduce costs by cutting offices and jobs under a plan by new boss Mark Read to steer the group back to growth.

The Future Investment Initiative conference held in Saudi Arabia in October is one of the initiatives Richard Attias & Associates was involved in, according to the company’s website.

Reporting by Ishita Chigilli Palli and Sathvik N in Bengaluru; Editing by Elaine Hardcastle and Grant McCool

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