We don’t often print press releases in full but this one from WPP won’t take long:
WPP sells stake in Richard Attias & Associates
WPP announces that, in line with its stated objective of simplifying its offer and focusing on its core business, it has agreed to sell its minority stake in Richard Attias & Associates (“RAA”) back to existing shareholders.
And for our further enlightenment:
WPP is a creative transformation company. We build better futures for our clients through an integrated offer of communications, experience, commerce and technology. For more information, visit www.wpp.com.
Terse and to the point, you’ll agree.
Attias (below) is an interesting character though, formerly a big cheese at Publicis his firm, which describes itself as a global consultancy, organises major business events, most recently the big business confab in Saudi Arabia that was boycotted by most of business world following the murder of regime opponent Jamal Khashoggi in Istanbul (the business world and Saudi Arabia seem to have kissed and made up since, as they do.)
Whether this had anything to do with WPP’s decision to sell its stake (variously estimated at between 30 and 49 per cent) back to other shareholders we know not, although Attias can hardly be blamed.
Attias, born in Morocco, is one of those uniquely French movers and shakers (he’s married to Cecilia the former wife of Nicolas Sarkozy) and maybe new WPP boss Mark Read is less attracted to such high profile businesses on the edge of advertising than predecessor Sir Martin Sorrell was. WPP was a shareholder in the Weinstein Company with a seat on the board until Harvey found himself in the news.