 Sir Martin Sorrell, chairman of WPP, the Britain-based communications service group that acquired LG Ad, Inc., said Friday that the global business network of WPP and LG Ad. will serve as the platform for Korean firms' expansion into global markets.
Late last year, WPP bought a controlling 35.24-percent stake in LG Ad, Korea's second largest advertising firm.
Sorrell also said that his firm's advancement into the Korean advertising market, the second largest in Asia, will serve as a springboard for the company to expand its growth in the Asia and Pacific regions.
With LG Ad bought by a foreign firm, only two Korean-owned advertising firms, Cheil Communications and Daehong Comminications, survive in the list of the top 10 advertising agencies in the country. The other eight, including TBWA Korea, Diamond Ad., and BBDO Dong-bang, are Korean affiliates of foreign firms.
Cheil Communications is the market leader, with annual sales breaking W1 trillion ($850 million). Korea's advertising market is estimated to be one of the 10 largest ad markets in the world.
(Shin Dong-hun, dhshin@chosun.com )
|
