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WPP, Providence Equity Boost Sports Portfolio With Joint Deal For Chime Communications

Chime Communications "has agreed" to a $585M joint takeover offer from global advertising/PR conglomerate WPP and U.S.-based Providence Equity Partners, according to Aglionby & Cookson of the FINANCIAL TIMES. Chime Chair Mervyn Davies said while the company had "achieved great success in building a leading position in the global sports marketing and communications industry ... significant new capital is required" to fulfil the company’s potential. Chime sports marketing division, chaired by former LOCOG Chair Sebastian Coe, last year generated 43% of the group's $467.4M in revenue. WPP also has "increasingly interested in sport," having invested $250M in January in Bruin Sports Capital. WPP in May also set up its own media rights unit called ESP Properties, with clients including the Cavaliers and EPL club Manchester City. Providence Equity Partners "already has a portfolio of sports-related investments," including Learfield Sports, YES Network and the Ironman triathlon (FINANCIAL TIMES, 8/1). Chime execs said that "because sports marketing was a significant part of Chime’s business, it is heavily exposed to the cycles of major sports events, which has made it difficult to deliver consistent financial results as a listed company" (London TELEGRAPH, 8/1).

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