Wire & Plastic Products 2.0?
Some of you savvier DG readers will understand the headline of this post. Wire & Plastic Products was the original company Sir Martin Sorrell acquired in 1985, which became the holding company for all the assets which eventually transformed into the media heavyweight now known as WPP. In April Sorrell was unceremoniously shown the door at WPP under of allegations using company money to pay for prostitutes. Martin Sorrell has consistently denied charges of any impropriety, but it’s a messy situation regardless.
Well now it looks like Sir Martin is turning the tables on his former employer with a series of not-so-subtle business moves. First he acquired a little known venture fund called S4 Capital to be his new shell company. Then he organized a go-public plan to raise $1.3B in capital for a M&A war chest. Now he’s using his assets to gobble up smaller media techsters, including MediaMonks, a Netherlands-based digital production company. And the wickedest part of all, Sir Martin outbid WPP to win MediaMonks.
If the saying that revenge is a dish best served cold is true, than I guess Martin Sorrell is one chilly dude!