WPP (LON: WPP), the FTSE 100-listed advertising and marketing firm, is looking to sell its in-flight entertainment provider Spafax as part of a broader effort to reshape the business, according to a report from Sky News on Friday afternoon.
According to the report, WPP has enlisted bankers to oversee the sale and is seeking between £50 million and £75 million for the company, which has been part of its portfolio for 25 years.
The disposal is reportedly being handled by JEGI CLARITY, a firm specialising in media industry transactions.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Spafax provides in-flight media services to dozens of airlines, with past clients including British Airways, Emirates, JetBlue, and Latam.
The company was originally acquired by WPP in 2000, during Sir Martin Sorrell’s tenure as CEO.
While the sale is unlikely to make a significant financial impact on WPP, which has a market capitalisation of £6.8 billion, it is said to reflect the ongoing pressure on CEO Mark Read to streamline operations.
Shares in WPP have declined sharply in recent years, falling another 13% over the past 12 months. So far, on Monday, the stock is up around 0.6%.
The move also comes amid strategic changes at WPP under the leadership of new chairman Philip Jansen, the former BT Group chief, who is keen to position the company for advancements in artificial intelligence.
Potential buyers for Spafax reportedly include trade bidders and private equity firms, though no final decision has been made.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading and investing in financial markets. Dive in and test their capabilities with complimentary demo accounts today!
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
