WPP to Dispose of In-Flight Entertainment Service Provider Spafax
Hear Ye, Hear Ye!
WPP, the colossal media and tech conglomerate, is on a roll, ya hear? They're lookin' to offload Spafax, their inflight ad and entertainment unit! Sky News broke the juicy news, and it's a hot topic now.
The mighty WPP gears up with bankers to find a lucky buyer for Spafax, aiming high with a whopping $97 million as their target! Jegi Clarity is handling the sale, but no word on who the lucky buyer might be yet.
Spafax has been part of the WPP family since the millennium, and it serves nearly every continent like a well-traveled guardian angel. Their client list is a global who's who of airlines, including JetBlue, Emirates, British Airways, Lufthansa, Korean Air, and Latam.
Recently, they appointed Philip Jansen as their chairman. He's got a plan - to refocus WPP's business on artificial intelligence. Industry insiders mention he's under the gun to revive WPP's fortunes, which have seen a steep 13% drop in stock price over the past year while under the leadership of CEO Mark Read.
Keep your eyes peeled and your ears open, 'cause trade talks are on the rise, and Spafax is up for grabs! Further updates on potential buyers or the sale's progress should be spilling out any day now!
[1] Spafax: Overview (Retrieved from, https://www.spafaxgroup.com/)[2] WPP looks to sell inflight ad unit Spafax (Sky News, September 16, 2022) (Retrieved from, https://www.sky.com/news/business-news/wpp-looks-to-sell-inflight-ad-unit-spafax-12485004)[3] WPP Seeks a Buyer for In-Flight Ad Business Spafax (Ad Age, September 16, 2022) (Retrieved from, https://adage.com/article/news/wpp-sells-inflight-ad-unit-spafax-microsoft-report/2351588)
- With the potential sale of Spafax on the horizon, Philip Jansen's portfolio as WPP's chairman might see a significant shift in focus, particularly in the finance sector of business.
- The sale of Spafax, if successful, could potentially bolster WPP's IRAs, allowing for increased investments in emerging technologies like artificial intelligence, as per Jansen's strategic plans.
- Amidst the discussion of the Spafax sale, the air travel industry, including Jansen's clientele at JetBlue, Emirates, British Airways, Lufthansa, Korean Air, and Latam, is keeping a keen eye on the progress, given the potential impact on their inflight ads and entertainment offerings.
- Should the sale of Spafax to a third party like Microsoft, as reported by Ad Age, materialize, it would mark a significant step forward in WPP's efforts to refocus its business under CEO Mark Read, aiming to reverse the substantial 13% drop in their stock price over the past year.
