WPP To Acquire Minority Stake In Sweden's FlowNetwork - Quick Facts

(RTTNews) - UK-based advertising giant WPP Plc. (WPP.L, WPPGY) announced Tuesday that it has agreed to acquire a minority stake in FlowNetwork, a new, Swedish, over-the-top television service.

FlowNetwork delivers its programmes via the internet, which supplies Sweden's regional newspapers with technology and content.

WPP said this investment continues its strategy of developing its integrated services in fast-growing and important markets and sectors and strengthening its capabilities including digital media.

In Scandinavia, WPP companies generate revenues of over $500 million and employ over 2,500 people. In Sweden alone, WPP businesses generate revenues of over $180 million and employ over 800 people.

WPP's digital revenues, including associates, were $6.9 billion in 2014, representing 36% of the Group's total revenues of nearly $19 billion. WPP has set a target of 40-45% of revenue to be derived from digital in the next five years.