WPP sells minority stake in Chime Group for £54.4m

Advertising giant WPP has sold its minority stake in sports, entertainment and communications company, Chime Group, to the majority shareholder Providence for £54.4m.

WPP will also potentially receive additional amounts based on the future value of Chime.

The company said the sale is in line with its new strategy as set out last December, a key element of which is "to focus on its main areas of business and simplify its operations through the disposal of non-core assets".

At 1015 BST WPP shares were up 1% at 1,000.50p.