The UK's WPP is preparing to bring its three main creative advertising agencies under one banner as part of a streamlining push that will be unveiled later this month, the Financial Times reported today.
WPP shares slumped in last week's market sell-off, dropping more than 11%, as rising concerns that rapid advances in artificial intelligence could disrupt companies' business models intensified following the launch of Anthropic's new legal AI tool.
The advertising group will set up a new holding structure called "WPP Creative", the report said, citing three people familiar with the plans.
The British company will keep its existing creative agencies, including Ogilvy, VML, and AKQA, but fold them under a single umbrella to simplify its offering to clients by bringing in more integrated services across the businesses, the report added.
WPP Creative will sit alongside its already integrated media and production divisions, the report said.
It added that the separate agencies are expected to continue operating independently, however, WPP plans to keep their brands in the market.
