July 21, 2018 / 1:44 PM / a year ago

Alibaba and Tencent in talks over stake in WPP's Chinese unit - Sky News

LONDON, July 21 (Reuters) - Chinese conglomerates Alibaba and Tencent are part of a consortium in talks to buy a minority stake in advertising giant WPP's Chinese unit, Sky News reported on Saturday, citing unidentified sources.

Sky News reported that 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.

WPP was not immediately available for comment.

Reporting by Alistair Smout Editing by Edmund Blair

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