The logo of Alibaba Group is seen at the company's headquarters in Hangzhou, Zhejiang province, China July 20, 2018.
PHOTO: REUTERS
Sky News said the firms, along with China Media Capital Holdings (CMC), were in early-stage discussions about buying roughly 20 per cent of WPP China in a deal that would value the business between $2 billion and $2.5 billion.
Alibaba’s Jack Ma urges Facebook to fix privacy issues
A spokesman for WPP declined to comment.
WPP, the world’s biggest advertising group, is in the midst of a leadership change.
Founder Martin Sorrell left in April following a complaint of personal misconduct. Executive Chairman Roberto Quarta said last month that the search for Sorrell’s replacement was well-advanced.
China's Alibaba Group acquires Daraz
The China deal, which could take several months to conclude, would see WPP pool its Chinese agency operations into a new holding company and retain majority ownership and control, Sky News said.
The report said the deal had been brewing since before Sorrell left, and that Quarta went with co-chief operating officer Andrew Scott to China this month to continue talks.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ