Ad holding company WPP closes two agencies in its Wunderman Thompson network as the ad industry faces major headwinds
Read's strategy sharply contrasts with that of his predecessor Martin Sorrell. "Martin would never sell anything, ever," said a senior-level executive who recently left WPP. "He took loyalty to a new level."The news also confirms Business Insider'sat companies affected by the consolidation. Leadership told employees and clients that JWT Inside would close on November 21, and iStrategyLabs staff received the news early this week.
Wunderman Thompson spokespeople positioned the closures as "part of our ongoing initiative to simplify and strengthen our best-in-class offering under a single brand." WPP acquired Washington, DC-based iStrategyLabs in 2016 as advertisers shifted spending from TV and holding companies raced to bolster their digital capabilities. Founded in 2007, iStrategyLabs specialized in creating branded content and digitally oriented events for clients such as Capital One, Sam Adams, Volkswagen, and New York Presbyterian Hospital.
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