Sir Martin Sorrell, the founder and chief executive of WPP, was awarded one of the largest pay cheques in British corporate history last night after he received a share package worth GBP62.8 million. In a statement, the group said that Sir Martin was cashing in GBP30.2 million immediately to discharge the "consequential tax liabilities." Taking the WPP chief's salary, pension payments and short-term bonuses into account, his total pay package for last year is likely to hit GBP70 million.

Instagram has announced an enormous update which could turn it into a Facebook-style popularity contest. The app has vowed to show users "the moments we believe you care about the most," with posts sorted according to the "likelihood you'll be interested in the content, your relationship with the person posting and the timeliness of the post". Fans are worried this could mean that the most "liked" images are given priority, which could turn photo feeds into a non-stop carousel of Kardashian pics and celebs on holiday.

If you want to spend your time immersed in a virtual world playing games, seeing loved ones or just relaxing, then you have an important choice to make. While Samsung and Google have both created (relatively) low-cost VR headsets that use a smartphone as the display, the real battle is being fought elsewhere. Oculus, Sony and HTC have all produced high-end virtual reality headsets that offer a more immersive experience. Unfortunately, that comes with a price tag.

Tesco CEO Dave Lewis is sanguine about Amazon entering the UK groceries market. Amazon last month announced a deal whereby Morrisons will supply groceries to its customers, finally expanding into fresh food in the UK. Asked by Marketing at the Marketing Society's annual lecture whether Amazon was a threat, Lewis batted off the suggestion. "If as a marketer you sit there fearing the idea that somebody might enter your market, you're halfway done. "Competition will make us stronger. Bring it on."

Discovery has poached Viviane Paxinos from A+E Networks to head ad sales in London; Tricia Thompson from Sky to be director of Olympics and strategic partnerships, ad sales EMEA; and Paul Harper from Turner Broadcasting to be executive creative director to develop content solutions. All three will be based in the UK. Discovery said it was particularly keen to use One Discovery World to exploit Eurosport's live events and the Olympic Games rights for 2018 to 2024.

Waitrose is preparing to roll out a mobile self-scan trial that allows customers to scan products on their mobile device and could eventually allow the full shopping experience to be done on mobile as it looks to remain at the forefront of innovation in the mobile payment space. The 'scan as you shop' mobile app is currently available on both Android and iPhone devices in three Waitrose branches. Any customer that is a member of the myWaitrose loyalty scheme can try out the service in the trial.

PlayStation VR, Sony's virtual reality headset, will go on sale in October for GBP349, retailing for less than rival platforms Facebook-owned Oculus Rift or HTC Vive. Consumers can now pre-order the platform in advance, which has more than 230 developers and publishers working on more than 160 titles for it. Early games include "EVE: Valkyrie," "Rez Infinite" and "Headmaster." The price tag is significantly cheaper than the $1,125 Canadian dollars, or GBP546, that was leaked on Amazon's Canadian site in early January.

Wireless Group is relaunching the Virgin Radio brand eight years after it disappeared, but faces a challenge in moving away from its "laddish" past. Virgin Radio was originally broadcast in the UK between 1993 and 2008, but was renamed Absolute Radio in 2008. Now Wireless Group is bringing it back after striking a 12-year deal to license the brand name. The radio station will go live on digital radio on 30 March and be promoted with an above-the-line campaign that includes out-of-home, digital and press activity.

Mobile phones and tablets now account for 46% of all viewing globally, according to a report from Telstra-owned premium video specialists Ooyala, up from 34% in 2014. A large part of this is being led by certain APAC markets, according to the report, with five out of 15 APAC countries outperforming the global average. According to the report, which took into account activity on the Ooyala platform during Q4 2015, tablets are specifically used more to consume video in APAC than the rest of the world.

TSB, the independent bank, has launched a new brand campaign focusing on how its staff are motivated to be partners with customers instead of mere salespeople. Central to the campaign is an animated TV spot, written and produced in a similar style to "local banking for Britain," which was the first TV campaign by the bank since it spun off from Lloyds TSB at the end of 2013. The ad was once again created by Joint and animated by AKA.