WPP bites Spanish pic stake

MediaPro is ad conglom's latest investment

MADRID — The Sir Martin Sorrell-founded advertising conglom WPP has bought a 30% stake in one of Spain’s most aggressively-expanding media companies, Barcelona-based production and facilities house, MediaPro.

Headed by Jaume Roures, over the last two years MediaPro has initiated a policy of select co-production with top players in the Spanish film and TV sectors. It has financed Oliver Stone’s Fidel Castro docu “Comandante,” struck a development/production pact for film and TV with Pedro and Agustin

Almodovar’s El Deseo, and co-produced Spain’s latest Oscar candidate, “Mondays in the Sun.” MediaPro has also made a – seemingly unsuccessful – play to buy up top Spanish distribber Lauren Films.

According to a statement from MediaPro, for WPP the equity acquisition forms part of WPP’s “strengthening of its expansion in inportant markets and sectors.”

WPP has multiple advertising interests, including J.Walter Thompson, Ogilvy & Mather and Young & Rubicam, and owns media planning co Mindshare.

For MediaPro, the partnership should allow it to accelerate its consolidation in film and TV production in Spain, or enter pic distribution.