WPP May Sell Interest in Agencies: To...

WPP May Sell Interest in Agencies: To appease nervous bankers, Martin Sorrell, chief executive of the giant British marketing firm WPP Group, is said to be considering the sale of minority stakes in the American ad firms J. Walter Thompson and Ogilvy & Mather. An associate of Sorrell’s said no negotiations had begun yet, but Sorrell is looking for people who would buy up to 30% interest in each agency, according to a published report. Sorrell and top executives from the two agencies denied the report. WPP amounted massive debt and is under severe financial pressure since acquiring the two ad agencies.