WPP offloads its 25% stake in Chime

WPP today announces the sale of its minority shareholding in Chime Group Holdings Limited, the sports, entertainment and communications group, to the majority shareholder Providence for £54.4m and potential additional amounts based on the future value of Chime.

The advertising giant will offload its 25% holding in Chime to Providence Equity Partners, which already owns a 75% stake, according to The Sunday Times. It claims the deal will be worth £50m.