WPP to Buy Majority Stake in Digital Agency Essence

WPP has agreed to buy a majority stake in digital agency Essence, which claims to be the world's largest independent buyer of digital media. Following the deal, whose precise terms have not been disclosed, Essence will become part of WPP's media investment arm GroupM.

From its headquarters in London, and offices in Tokyo, Singapore, New York, Seattle and San Francisco, Essence combines data science and insights with media expertise to build connections between brands and consumers. The firm employs more than 500 people, deploys campaigns in over 70 markets, and manages media spend of more than $700m.

Essence says it will continue to operate as an independent brand within GroupM, while benefiting from WPP's media partnership, trading power, technology and data.

CEO Christian Juhl (pictured) comments: 'Essence has a proud history of using technology, data and transparent media buying to advance the digital advertising industry. In GroupM, we have found a partner who shares our vision and augments our capabilities with global scale, access to media that isn't yet digital, and the global partnerships and platforms to further advance our agenda'.

Web sites: www.wpp.com and www.essencedigital.com .