Martin Sorrell: Warren Buffett Was Very Keen On Buying WPP In 2012
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.
Latest News
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 […]
Model With Down’s Syndrome Breaks Instagram Records For Gucci
Here's a good news story B&T likes to run. Even if it's from a brand you wouldn't expect a good news story to come from.
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.
Haystac Wins Springfree Trampoline Account
The first agency B&T is so definitely visiting after lockdown is Haystac, having won the Springfree Trampoline account.
News Corp’s Damian Eales Promoted To Global New York-Based Role
Damian Eales scratching at the bottom of the T-shirt drawer for his old "I ❤ NY" number following news of a promotion.
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.
EU Questions Google’s Fitbit Acquisition
Google's acquistion of Fitbit has so angered the EU it got its pulse to 125 and burned 142 calories in the process.
Deliveroo Drivers To Be Trained To Spot Signs Of Child Abuse And Neglect
Although B&T applauds this top initiative, to be honest most Deliveroo drivers struggle finding the right house number.
Thursday TV Wrap: Seven Sweeps Up, Wins Night Across All Key Metrics
This headline suggests Seven has put a broom through the opposition. Which amost sounds like a trip to triage, really.
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.
Indie Agency The Shannon Company Unveils Campaign To Promote Industry Super
Are you in an industry super fund? Well, watch your contributions at work in this, thankfully, slightly cheap looking ad.
Binge To Offer Free Subscriptions To Locked Down Melbournians
Here's a fantastic idea from Binge which will hopefully stop people in lockdown from killing their loved ones.
Peroni Launches Global Ad Campaign ‘Walk With Us’
Peroni Beer unveils "walk with us" campaign or it could even be "stagger with us" given one too many actual Peronis.
Meet The Women Leading Tech: Intuit Global Brand Strategist Stephanie Brown
Time to meet Intuit's global strategist Stephanie Brown who, you'll find, is no relation to Reservoir Dogs' Mr Brown.
PHD Partners With TikTok To Launch Campaign For PepsiCo
Look, it's a Pepsi ad straight after a Coke one. It's almost like a taste-test challenge without the actual tasting.
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 […]
Coca-Cola Unveils First Ad Since The Pandemic In A Heart-Warming Campaign About Shared Meals With Loved Ones
If you're like B&T and have a distrust of adults who drink soft drink at dinner, this may exacerbate your prejudices.
Radio One Of The Hardest Hit With 56% Slump In Ad Spend
Radio industry takes savage hit to ad revenues. Daryl Braithwaite forced to wait for 'The Horses' royalty cheque.
Entire Agency Of 166 Staff Walks Out In Black Lives Matters Protest
Finally, it's adlanders talkin' the talk and walkin' the walk. And, quite literally, walkin' for that matter.
BBC News Interview Derailed By Adorable Kid Who Can’t Decide Where To Put Her Framed Unicorn Photo
It's more "adorable kids ruin Skype interview" stories. So, B&T warns readers who find adorable kids a bit nauseating.
Why Old Will Be Gold On Australian Screens For The Next 12-18 Months
TV's 'golden oldies' are coming back! But hopefully not the creepy ones like 'The Cosby Show' or 'Being Lara Bingle'.
Brown Riot Podcast Drops Latest Ep Featuring Faustina Agolley
With B&T's own podcast on a CV-19 hiatus we forced to live vicariously trhough other people's podcasts. Hence this news.
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 […]
Look Past COVID And How Will Marketers Handle the Economic Train Wreck?
This columnist argues that CV-19 could be the time for a marketing spring clean. But not a large group spring clean.
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 […]
Biologi Recruits Aussie Model Samantha Harris As New Ambassador
Samantha Harris shines as Biologi's new global ambassador. inspiring confidence in women by encouraging them to be comfortable in their own skin.
Adobe Launches Adobe CQ To Measure Creative Aptitude
Adobe has a new piece of whizz-bang machinery out today. Take a look here as B&T goes under the hood.
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
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 […]
SMH & The Age Book Critics Resign To Protest Lack Of Diversity
It's not often you hear "cranky" and "book critic" in the same sentence, but these are the crazy times in which we live.
