Martin Sorrell: Warren Buffett Was Very Keen On Buying WPP In 2012

Martin Sorrell: Warren Buffett Was Very Keen On Buying WPP In 2012
SHARE
THIS



The American billionaire Warren Buffett came remarkably close to buying WPP, its former boss, Sir Martin Sorrell, has revealed.

According to Sorrell, both he and Buffett discussed a possible sale of the world’s biggest media business back in 2012, however, nothing eventuated after the two couldn’t agree on a final price.

Sorrell made the revelation at a talk for British industry publication Campaign on Friday, adding that Buffett was very keen for his Berkshire Hathaway business to acquire the global network.

“We had a brief conversation and he’s very shrewd. He cuts to the quick. He’s very fixed in terms of price and the premium he offered was not sufficient,” Sorrell said.

“It was about 15 per cent, maybe a little bit more. The average premium was 30 per cent, and we couldn’t encourage him to go to 30. I would’ve loved to have done that if it had been at the right price.”

According to Sorell Buffett offered 925p a share, higher than the present WPP share price.

In an apparent dig at his departure from WPP in April, Sorrell then added: “The best form of revenge would be building a significant and successful new-era, new-format, new-approach agency.”

Sorrell’s other WPP revelations

WPP’s former chief executive shared some other big revelations at the Campaign event.

One was that the name of the newly merged Y&R and VML entity was originally slated as Y&RVML, instead of VMLY&R.

Sorrell claimed that the blueprint for the merged entity was already being drawn up while he was still CEO of WPP, and it also included a third agency network called Geometry.

“I would have called it Y&RVML. I would have been a little more magnanimous to the leadership of Y&R,” he said.

Another revelation Sorrell made was that WPP didn’t follow the succession plan in place following his departure, claiming that Mark Read and Andrew Scott were supposed to be appointed as co-CEOs, instead of just Read.

Please login with linkedin to comment

martin sorrell sir martin sorrell Warren Buffett WPP

Latest News

Bangkok Thailand - August 31 2017 Facebook App on iPhone with computer laptop background closeup male hand hold social network on smart device concept.
  • Media
  • Opinion

Young Australians Will Abandon Facebook If It Doesn’t Do More To Combat Hate Speech

In this guest post, founders of The Daily Aus Sam Koslowski and Zara Seidler discuss why in order to stay in the game and keep its user, social media giant Facebook needs to do more to combat hate speech… For young Australians, Facebook is on the decline. Unless the platform better responds to its user’s […]

Opinion

by B&T Magazine

B&T Magazine
Baskin-Robbins Australia Awarded For Stranger Things Campaign
  • Media

Baskin-Robbins Australia Awarded For Stranger Things Campaign

A brave move has paid dividends for Baskin-Robbins Australia who recently announced they won the award for Best Digital Initiative at last week’s QSR Media Awards. Baskin-Robbins Australia’s Master Licensee, Palm Oasis Ventures took a risk in launching a digital winter campaign targeting a new millennial and Gen Z demographic when it partnered with Netflix to launch season 3 of the streaming giant’s most popular show, the sci-fi horror series, Stranger Things.

TikTok Turns On Trump (Again)
  • Media

TikTok Turns On Trump (Again)

TikTok has turned on Trump once again. As yet, no one brave enough to speculate it's the work of the Chinese government.

SAN FRANCISCO, CA JULY 1, 2018: Entrance to Adobe San Francisco office location in historic Baker and Hamilton warehouse
  • Media

Convert Digital Awarded Adobe’s Magento Gold Status

Leading eCommerce website development agency, Convert Digital, has achieved the coveted Magento Gold Status from Adobe. This accomplishment has been reached following the agency’s continuing work with the Magento 2 platform - platform that is incredibly robust and offers unrivalled flexibility and scalability.

Influencers Raise $95k For Starlight Children’s Foundation In Do-Good Campaign Via Born Bred Talent
  • Campaigns

Influencers Raise $95k For Starlight Children’s Foundation In Do-Good Campaign Via Born Bred Talent

Influencer marketing agency Born Bred Talent has partnered with the Starlight Children’s Foundation to mobilise their talent roster and support the Stream Raiser campaign, contributing over $95k in donations thanks to virtual fundraising efforts.  With a combined reach of 6.2 million across Instagram, TikTok and Twitch, 9 Australian influencers contributed 76% of the $124k raised […]

UNICEF Set To Launch ClickforCovid Relief Gaming Stream
  • Advertising

UNICEF Set To Launch ClickforCovid Relief Gaming Stream

In 2020, the ‘new wave’ of youth consumers have inspired the world with their activism and fundraising, so eGEN is proud to have partnered with UNICEF, Loserfruit and friends to help gamers fight COVID and help the world’s most vulnerable children. The world’s most famous strawberry will be joined by her Click crew for a […]

Silverbullet Achieves Adobe Audience Manager Specialisation
  • Media

Silverbullet Achieves Adobe Audience Manager Specialisation

Silverbullet Data Services Group (Silverbullet), has become one of only four businesses globally to achieve Adobe Specialisation in EMEA for Adobe Audience Manager. Adobe Specialised Partners are acknowledged as the most skilled technical practitioners throughout the global partner ecosystem. Specialisations are earned after organisations achieve a level of certified expertise in an Adobe solution and […]

Businesswoman hand connecting jigsaw puzzle, Business solutions, success and strategy concept
  • Technology

General Mills Partners With Zyper To Build Virtual Superfan Communities

Food company General Mills has partnered with Zyper, a marketing platform that connects brands with their superfans, to build virtual fan communities for General Mills’ brands. As part of the agreement, General Mills will use Zyper’s software to initially identify the Betty Crocker and Fibre One brands’ top one per cent of fans on social […]

Facebook Pledges $500,000 To Group Admins Across Australia
  • Technology

Facebook Pledges $500,000 To Group Admins Across Australia

Facebook is continuing its Facebook Australia Groups Impact Fund, today announcing $500,000 in funding for the program. The grant was originally designated for bushfire recovery groups, however, has now been extended to local communities across the country who might be facing hardship. Facebook said it is on the lookout for groups that have a positive […]