WPP PLC (WPP.LN) said Friday that it will buy a minority stake in IR Media Ventures Corp., a U.S. digital media company that produces content for parents, for an undisclosed sum.
The FTSE 100-listed advertising company said the investment in IR Media is part of its strategy to focus on its technology, data and content offering.
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The transaction is part of a round of Series A financing by IR Media, and other investors include Bertelsmann SE & Co. KGaA, United Talent Agency Inc, Lerer Hippeau Ventures Management LLP and SoftTech VC, WPP said.
Shares in WPP were down 21 pence, or 1.6%, to 1,305 pence at 1352 GMT.
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(END) Dow Jones Newswires
October 27, 2017 10:08 ET (14:08 GMT)