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International: WPP to create third global media network

01-March-2004
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International: WPP to create third global media network

WPP Group is expected to disclose that it intends to build a third international media network when it reports on its 2003 financial results.

Martin Sorrell, WPP's chief executive, is pulling together some of the holding company's unaligned media agencies, such as Maximize in Asia and Media Insight in Germany, to create a third media network alongside MindShare and Mediaedge:cia.

The new network will allow WPP to deal with conflicting business.

Aegis Group made a similar move last year, announcing plans for a second media network called Vizeum to handle business that conflicts with main network Carat.

U.K. analysts at Lehman Brothers are predicting Mr. Sorrell will announce that WPP has hit its 13% margin target and improved profits, signaling an end to the advertising recession. Lehman also expects WPP to show an improved organic growth rate, particularly for its core advertising and media business in the U.S., Asia and Latin America. The U.K. is showing some improvement, but continental Europe is still lagging behind.

Source: Adage

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