By Dimitrios Kontos

WPP PLC (WPP.LN) said Thursday that its GroupM subsidiary and Zer, a company of Turkey's Koc Group, have formed a partnership to launch a new digital media agency called Ingage.

The FTSE 100-listed advertising company said that the joint venture will be "fully backed" by WPP and Koc Group.

The company said Ingage signals WPP's intent to further develop its business in Turkey.

The partnership combines the global media experience of GroupM with the local market strength of Koc Group, and will target local leadership as well as regional influence, WPP said.

The news comes after WPP reportedly submitted an offer for Netherlands-based digital creative agency MediaMonks, in a bidding war with S4 Capital, the new venture of its former Chief Executive Martin Sorrell.

Shares are up 0.7% to 1182 pence.

Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com

(END) Dow Jones Newswires

July 05, 2018 08:20 ET (12:20 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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