WPP's Group M acquires majority stake in MediaCom India

MUMBAI: WPP’s GroupM, global media investment group, is acquiring a majority stake in MediaCom India, a joint venture between GroupM India and Sam Balsara, the principal shareholder of the Madison Media group.

This acquisition is a part of WPP's strategy of investing in fast growth markets, new media and digital.

“The majority acquisition of MediaCom in India represents a significant evolution in one of the world’s fastest growing economies. As India becomes a very attractive business hub for global clients, we are confident our talented team in India will deliver exemplary growth and results for all stakeholders.” said, Stephen Allan, CEO, MediaCom Worldwide.

While the Mumbai-based media and buying selling agnecy will continue operating as an independent brand, it will have the access to GroupM’s global infrastructure.

According to industry sources the agency generated revenues of roughly Rs 700 million in 2016 with assets of Rs 90 million.

MediaCom clients include Dell, Edelweiss, Future Group, Makemytrip.com, Mars, Pedigree, Piaggio, P&G, Royal Enfield, SAB Miller, Tata Docomo, Urban Ladder, Wellspun and Wrigley’s.