GroupM signs off purchase of majority stake in Filmworks China
GroupM, the global media investment management arm of WPP, has announced that it has signed off a deal to acquire a controlling stake in Filmworks China, the entertainment marketing agency.
The move adds multiple new feathers to GroupM’s cap; including marketing of entertainment media properties, merchandise licensing, tie-in promotion, product placement and celebrity endorsements in addition to a number of new clients such as Electronic Arts and Dreamworks.
It follows WPP’s wider strategy of growing its influence over key emerging markets, with China representing one of the fastest growth markets for the firm, currently third largest with revenues of $1.3bn.
For the year ended 31 December Filmworks’ unaudited revenues for the year were approximately 12m RMB – with gross assets of 112m RMB.