WPP BOSS SAYS HE BELIEVES IN THE NET
By Adnews Staff
The British-based company that owns global ad agencies J.Walter Thompson and Ogilvy & Mather, and bills itself as the largest advertising and marketing services company in the world, is dipping its toes into the waters of the Internet. WPP Group founder and chief executive Martin Sorrel said yesterday that his company is preparing to make another small investment after buying into Wired Ventures Ltd., the U.S. firm that owns the on-line magazine HotWired and the paper publication it sprang from,Wired. He did not specify what the new venture would be. His remarks came in a speech at a luncheon organized by the British Canadian Chamber of Trade and Commerce. The mention of WPP's Internet ventures was the only part of his speech that touched on the announced topic: how technology and the new media has changed the way companies market themselves and their products in Canada and around the world. He said that while only about $25 million was spent on U.S. advertising on the Internet last year, he does agree with predictions that the amount will eventually be in the billions, and he believes it is an important medium. Sorrell indicated to reporters after the speech that he does not spend much time with a computer himself, other than crunching numbers with a notebook machine.