WPP, the FTSE-100 advertising companies group, is in talks to promote a supplier of in-flight leisure which counts a few of the world’s main airways amongst its purchasers.
Sources stated on Friday that WPP hoped to fetch between £50m and £75m for Spafax.
Whereas the proceeds wouldn’t be materials to an organization with a market capitalisation of £6.8bn, the method highlights the stress on Mark Learn, its chief govt.
Shares in WPP have fallen sharply throughout his tenure, and have slid an additional 13% over the last 12 months.
The corporate’s new chairman – former BT Group chief Philip Jansen – is eager to supervise a reshaping of WPP to embrace speedy developments in synthetic intelligence.
WPP acquired Spafax in 2000 when the group was run by Sir Martin Sorrell.
At that time, Spafax revealed the Tate Galleries’ in-house journal in addition to offering in-flight media companies to dozens of airways.
Suitors for the enterprise, whose purchasers have included British Airways, Emirates, JetBlue and Latam, are stated to incorporate commerce bidders and personal fairness companies.
The sale is being dealt with by JEGI CLARITY, an adviser on media business offers.
A WPP spokesman declined to remark.
