WPP buys 75% stake in Israeli media firm

LONDON (ShareCast) - Highly acquisitive media giant WPP (LSE: WPP.L - news) has bought a majority stake in Union Media, a Israeli media investment management agency. Union, based in Tel Aviv, employs 30 people and has clients including Abbott, Kika, Orange, Strauss Group (Tel Aviv: STRS.TA - news) and Teva. The acquisition of a 75% stake in the company was made on behalf of a division of WPP's marketing communications network, Shalmor Avnon Amichay Advertising. Union generated 21.7m Israeli shekel (around £3.7m) in revenue in 2011, with gross assets at December 31st of 55m shekel (£9.4m). "This investment continues WPP's strategy of developing its networks in fast growing markets and sectors. WPP companies (including associates) employ 3,500 people in the Middle East generating revenues of nearly US$400 million," the statement said. This acquisition marks WPP's fourth in four days, its eighth already in 2012. Yesterday, WPP, led by Sir Martin Sorrell, announced that it had purchased a majority stake in marketing communications firm IDEA, an affiliate of WPP's advertising and communications division JWT. BC