WPP to invest in French media investment group LNEI

WPP said on Thursday that it will invest in French media investment group Les Nouvelles Editions Independantes (LNEI) as it looks to focus more on Western Continental Europe following the Brexit vote.

Launched in Paris in 2009, LNEI has investments in French publishing titles in newspaper, magazine, radio, TV and online markets, including Le Monde, Les Inrocks and the French edition of the Huffington Post. It is also a founding partner of special-purpose acquisition company Mediawan, which recently completed a €250m listing of its securities on Euronext.

“As a result of the UK's referendum decision to leave the European Union, WPP will place an even greater emphasis on growth in Western Continental Europe, which includes four of the group's top 10 markets worldwide: Germany, France, Italy and Spain,” the company said.

The FTSE 100 media company said the investment, of which it did not disclose any financial details, also reflects its growing to commitment to content.

At 1110 BST, WPP shares were up 1.5% to 1,836.82p.