Sir Martin Sorrell beats WPP in the race to buy MediaMonks — but is losing a £20 million payout in the process


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Sir Martin Sorrell attends a conference at the Cannes Lions International Festival of Creativity, in Cannes, France, June 22, 2018.REUTERS/Eric Gaillard

Sir Martin Sorrell quit as CEO of WPP in April amid an internal conduct investigation.
He returned to the market six weeks later with S4 Capital, a vehicle for acquisitions.
S4 Capital has struck its first deal: a €300 million takeover of Dutch digital agency MediaMonks.
WPP was also looking at buying MediaMonks and says Sorrell used proprietary information from his time as CEO. The ad giant claims Sorrell has breached his contract and BI understands WPP intends to withhold future share bonus payouts.

LONDON — S4 Capital, the new vehicle set up by advertising deal maker Sir Martin Sorrell, has completed the takeover of Dutch digital agency MediaMonks.

Sorrell beat his former employer WPP to the deal but now faces the loss of WPP share awards worth up to £20 million that he had been entitled to.See the rest of the story at Business Insider

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SEE ALSO: WPP CEO Martin Sorrell resigns in the wake of misconduct allegations

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Original Article : HERE ; This post was curated & posted using : RealSpecific


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