Indiantelevision.com Team

(17 November 2007 5:00 pm)

MUMBAI: WPP is buying India based online media agency Quasar media, Reuters has reported.

Mumbai-based Quasar is part of the Smile Interactive Group and focuses on online media, search and mobile marketing.

The latest acquisition is designed to broaden WPP's global portfolio of digital assets, said WPP chief executive Martin Sorrell.

Sorrell referred to the transaction, which he said would be announced on Monday, during a presentation he gave at the Morgan Stanley technology, media and telecom conference.

"It is going to be a WPP digital acquisition in India. There is no financing required of any significance in terms of the context of the group," Reuters quoted Sorrell as having said on the fringes of the conference.

WPP is the world's second-largest advertising and marketing services firm and operates in more than 100 countries.