WPP buys US healthcare media agency

WPP has bought US healthcare media agency Communications Media (CMI) for an undisclosed sum.

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The London-listed media agency said CMI – whose clients include 10 of the top 20 pharmaceutical advertisers in the US – had unaudited revenues of $38m as of 31 December 2015.

CMI provides media investment management and non-sales force promotional strategy, planning, customer insights and data solutions to the healthcare and life sciences industries.

As part of the acquisition, Ogilvy CommonHealth Medical Media, the media practice of WPP's wholly-owned Ogilvy CommonHealth Worldwide, will become part of CMI.

CMI will become a media investment management hub for GroupH, which is the parent company for WPP's healthcare specialist companies.

WPP said the deal continues its strategy of investing in important disciplines, such as pharmaceutical and healthcare, and markets, such as the US.

At 1555 GMT, WPP shares were up 0.9% to 1,610.31p.