WPP is in talks to sell a minority stake in its China-based advertising business to Alibaba, Tencent and China Media.
The talks, first reported by Sky News, are at an early stage, according to one person with knowledge of the situation and could take several months to come to fruition — or even fall apart.
Roberto Quarta, WPP’s chairman, and Andrew Scott, co-chief operating officer, recently held talks in China about the deal. If an agreement is struck, it is uncertain whether all three Chinese companies would participate.
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