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WPP Group Buys A Top Digital AgencyFor the second time in six weeks, the WPP Group, the giant advertising company, has bought a leading interactive agency as part of a digital shopping spree. WPP said yesterday that it had acquired Blast Radius, an agency based in Vancouver, British Columbia, that also has offices in Amsterdam, London, New York, San Francisco and Toronto. The financial terms were not disclosed. Blast Radius, which opened in 1997, works for marketers like Nike, Starbucks and Whirlpool. Its revenue last year was 41.8 million Canadian dollars (about $43 million). Blast Radius is considered a specialist in the growing realm of social networking, which is particularly popular among younger consumers who share information about themselves on Web sites like Facebook and MySpace. Blast Radius will be aligned with Wunderman, a WPP agency that specializes in direct marketing and relationship marketing. Wunderman is part of one of the largest WPP divisions, Young & Rubicam Brands. Gurval Caer, president and chief executive at Blast Radius, and the more than 400 other Blast Radius employees are to remain there after the acquisition, Wunderman said. Wunderman already acquired two digital agencies this year, Aqua Online, in South Africa, and These Days, in Belgium. It also acquired a controlling interest in DataCore Marketing in Westwood, Kan. In addition to those deals, WPP’s recent digital acquisitions include Schematic, an interactive agency in Los Angeles, which was bought for cash last month, and 24/7 Real Media, bought for $649 million in July. Montgomery & Company acted as the financial adviser to Blast Radius. Farris, Vaughan, Wills & Murphy provided the legal advice. Tag CloudExternal InformationAdditional InformationA Coming of Age at Nickelodeon: Noggin and the N Will Get Their Own Channels...Oasis Hong Kong dives into liquidation... Europe, Japan struggle with growth... Surprise Loss at Wachovia Stirs Profit-Season Unease... Where Am I?News Main Page - Business - WPP Group Buys A Top Digital Agency |
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