WPP invests $6.5m in US-based digital news company Mic Network

Advertising giant WPP has made a $6.5m strategic investment in US-based digital news company Mic Network, which targets millennials.

Mic's advertisers and branded-content clients include Alphabet Inc., Discover, Goldman Sachs, Marriott International, Netflix, Chanel and Microsoft Corporation.

Based in New York with bureaus in San Francisco, Los Angeles, Chicago, Toronto, Stockholm and Kiev, Mic employs 165 people and was founded in 2011.

More than 65m unique individuals view Mic each month across multiple platforms. It employs journalists who report on news and cultural events through text and video formats designed to appeal to millennial audiences. It also creates branded content on behalf of advertisers who want to build relationships with that critical audience.

WPP said the investment continues its strategy of focusing on three key areas that differentiate the group's offering to clients: technology, data and content. In 2016, the company's digital revenues were over $7.5bn, representing 39% if its total revenues. The company has set a target of 40% to 45% of revenue to be derived from digital in the next four to five years.

At 1120 BST, the shares were up 0.7% to 1,685p.