<article>Chinese conglomerates Alibaba and Tencent are involved in talks to buy a minority stake in advertising giant WPP&#8217;s Chinese unit, Sky News reported on Saturday, citing unidentified sources.</article>

Chinese conglomerates Alibaba and Tencent are involved in talks to buy a minority stake in advertising giant WPP&#8217;s Chinese unit, Sky News reported on Saturday, citing unidentified sources.
Sky News said the firms, along with China Media Capital Holdings (CMC), were in early-stage discussions about buying roughly 20 percent of WPP China in a deal that would value the business between $2 billion and $2.5 billion.
A spokesman for WPP declined to comment.
WPP, the world&#8217;s biggest advertising group, is in the midst of a leadership change.
Founder Martin Sorrell left in April following a complaint of personal misconduct. Executive Chairman Roberto Quarta said last month that the search for Sorrell&#8217;s replacement was well-advanced.
The China deal, which could take several months to conclude, would see WPP pool its Chinese agency operations into a new holding company and retain majority ownership and control, Sky News said.
The report said the deal had been brewing since before Sorrell left, and that Quarta went with co-chief operating officer Andrew Scott to China this month to continue talks.
<h4>Reuters</h4>

Chinese conglomerates Alibaba and Tencent are involved in talks to buy a minority stake in advertising giant WPP's Chinese unit, Sky News reported on Saturday, citing unidentified sources.

Alibaba, Tencent in talks over stake in WPP's Chinese unit: Report

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Alibaba, Tencent in talks over stake in WPP's Chinese unit: Report

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