WPP has announced that it is putting money in media investment group Les Nouvelles Editions Indépendantes SAS (“LNEI”).
The investment comes as a result of WPP placing greater emphasis on growth in Western Continental Europe, which currently includes four of its top 10 markets, following the UK Brexit decision. WPP companies in France generate revenues over US$700 million and employ around 5,000 people.
The decision also shows WPP’s increasing commitment to content following investments in Truffle Pig, Vice and the Weinstein Company amongst others.
The LNEI group, which focuses on investments in the French and international media sectors including Le Monde, L’Obs, Radio Nova, the French edition of the Huffington Post and VICE France, was launched in Paris in 2009 by founder and controller Matthieu Pigasse.
LNEI is a founding partner of special-purpose acquisition company Mediawan which focuses on the traditional and digital media content and entertainment industries in Europe. Mediawan recently completed a €250m ($279m) listing of its securities on Euronext.