WPP acquires remaining stake in MediaCom in India from Sam Balsara & Lara Balsara Vajifdar

07 Oct,2022

By Our Staff

 

WPP, veteran adperson Sam Balsara and his daughter and adperson Lara Balsara Vajifdar have announced that WPP has purchased the remaining 26 per cent stake in MediaCom Communications Private Limited in India from Sam Balsara and Lara Balsara Vajifdar.

 

Following WPP’s decision to merge Essence and MediaCom globally, Balsara and Vajifdar entered into a discussion with WPP agreeing to exit MediaCom in the interest of MediaCom clients to enable the merger.

 

The initial agreement between WPP and Balsara and his family dated back to 2008, under which the Balsara family owned 51%. In 2017, the Balsara family sold 25% to WPP.

 

Said Balsara said: “This innovative partnership we invested in nearly 15 years ago has been a great success for all parties. It has established MediaCom in India as a fast-growing and highly respected agency by advertisers.”

 

Added Nick Lawson, Global CEO, MediaCom: “It has been a pleasure working with Sam Balsara and Lara Balsara as we grew this successful business in India. We will build on that legacy to deliver the agency model our clients want for the future – founded on brilliant strategy and brand-building capabilities, with pioneering digital expertise running throughout.”

 

It may be recalled that on April 26, 2022, WPP announced that global agencies MediaCom and Essence would merge to form EssenceMediacom.

 

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