Black Rock Ups Ownership In WPP
With WPP’s stock on an upswing, investment firm Black Rock has increased its ownership stake in WPP to more than 5.1%, the UK agency holding company confirmed Monday.
The
investment would appear to make Black Rock the largest single shareholder in the company. WPP confirmed Black Rock’s share purchase in a regulatory filing but declined to confirm whether the
investment company is now the largest single shareholder.
However, in its 2012 annual report, WPP said it was aware of just one shareholding interest with a stake of 3% or more and that was
investment firm Legal & General, with a 3.55% holding in ordinary shares. “The disclosed interest refers to the respective combined holdings of this entity and to interests associated with
it. The Company has not been notified of any other holdings of ordinary share capital of 3% or more,” WPP stated in the report.
The Black Rock holding is substantially higher.
According to Monday's regulatory filing, Black Rock now holds voting rights in more than 64.7 million shares, or 5.12% of the company.
The Black Rock investment comes as WPP stock is
surging -- it reached $15.70 on the London Stock Exchange Monday, above the 10-year high-water mark for the stock, the company confirmed.
The share resurgence comes amid reports that the
market research business -- which WPP has a sizeable stake in via its Kantar arm -- is showing signs of improvement, particularly in Western Europe where the industry has been struggling.
Also, about two weeks ago, investment house Jefferies upgraded WPP to a “buy,” citing a positive outlook for 2013 budgets for some of the holding company’s key clients, such as
Unilever. With client spending that “looks encouraging,” the firm stated in a research note, “with expectations low, we see upside risk.”
That said, WPP executives
have downplayed expectations for 2013 in recent presentations.
“The watchword is caution,” Company CEO Sir Martin Sorrell told attendees at the UBS media conference in December. He
added that WPP could probably achieve 2013 organic revenue growth of between 2% and 3%. WPP is set to report full 2012 results on March 1.
Recent MediaDailyNews Articles
-
Broadcasters Sue AereoKiller In DC May 24, 5:21 p.m.
Confirming their efforts to follow over-the-top TV services with legal filings in any market where they ... -
Cigarette Marketers Slice Mag Spending In 2011 May 24, 4:52 p.m.
The five major cigarette marketers nearly cut in half their collective magazine spending in 2011. The ... -
B2B Revenues Rises, Credits Events, Digital Ads May 24, 4:45 p.m.
Overall, business-to-business media revenues are growing, due to an upward trend in B2B trade shows which, ... -
Court Dismisses Defamation Suit Against WPP's Sorrell May 24, 3:31 p.m.
A New York Court has dismissed a defamation lawsuit brought against WPP CEO Sir Martin Sorrell.Sorrell ... -
MediaCom Races To Win FIA E Championship's AOR May 24, 12:37 p.m.
A start-up race car circuit, The FIA E Championship, has named WPP’s MediaCom as its agency ... -
Networks Tie For Last Month of the 2012-2013 Season, NBC Gains Ground May 24, 10:56 a.m.
The four major networks were in a virtual tie for the last month of the 2012-2013 ... -
Aereo Is Not Just For Cord-Cutters May 23, 6:34 p.m.
Are cord-cutters most likely to subscribe to Aereo? Not necessarily, according to early returns. CEO Chet ... -
Cars.com Drops Flag On NASCAR.com Sponsorship May 23, 6:25 p.m.
Cars.com has a need for speed. The site has a deal with Turner to sponsor a ... -
Worldwide Pay TV On The Rise, Big Growth In Asia May 23, 4:17 p.m.
North American pay TV subscribers may continue to show little or no growth for the first ... -
Activision Blizzard's Campaign Wins Grand Effie May 23, 4:12 p.m.
Video game marketer Activision Blizzards’ ad campaign “The Vet and the nOOb” for "Call of Duty: ...
Be the first to comment on "Black Rock Ups Ownership In WPP"
Leave a Comment