WPP strikes alliance with Vice Media
Global - WPP has acquired a minority stake in Vice Media, a global youth media brand which operates in more than 30 countries, as it seeks to expand Asia markets including China and South Korea.
The investment is part of wider cash injection for Vice Media, which operates a monthly magazine, a book publishing division, a music division, VBS.TV, an online activation network (AdVice), Viceland.com and a full service agency ad agency Virtue Worldwide.
Targeting the youth market, Vice offers content covering independent arts and pop culture and more recently news topics in less than traditional means.
Launched in 1994 in Canada, Vice Media has expanded across the globe which includes the US, UK, Australia, Russia, Mexico, South Africa and Czech Republic.
The group has expressed interest in expanding its operations into China, India and South Korea.
Tom Feston, founder of MTV and former CEO of Viacom and media merchant bank The Raine Group have also invested in the group as it continues to expand. All parties have acquired seats on Vice's board of directors.
The investment strengthens WPP's content capabilities in new media targeting the youth consumer market. In an unaudited report for its 2010 financial year, the group reported gross assets of US$34.3 million.
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