WPP gets stake in Turkish digital media firm Wanda as lira takes a fall

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Advertising giant WPP’s subsidiary firm J Walter Thompson has acquired a minority stake in Turkish digital agency Wanda Digital.
 
The move comes at a fraught time in the Turkish domestic market. Yesterday the Turkish lira fell five per cent to an all time low against the US dollar, on the back of the country’s election. 
 
The country’s central also bank cut exchange rates “due to recent global and local developments”.
 
Wanda’s sales for the year to 31 December were $3.4m (£2.2m). It had gross assets of $2.3m at the end of that year.
 
Turkey is one of the new economies WPP is focusing on, and J Walter Thompson already has a presence there, with a local office called Manajans J Walter Thompson Turkey.
 
The local J Walter Thompson office will continue to operate independently, but the two firms will invest in technology together.