WPP Takes Piece of Uniworld Pie

Deal Gives Agency African American Marketing Expertise
NEW YORK–Seeking to broaden its marketing capabilities to include the African American market, WPP Group has taken a 49 percent stake in UniWorld, the nation’s largest ethnic ad agency.
The terms were not disclosed. UniWorld, with 1999 revenues of $22 million, would fetch $33 million, at a rate of 1 1/2 times earnings. The deal came more than a year after Y&R talked with UniWorld about a possible all-cash deal [Adweek, April 12, 1999].
UniWorld founder Byron Lewis will continue as chairman and CEO of the agency, which will operate independently alongside WPP siblings J.