WPP and Dentsu's stake bought back by Rediffusion
According to media reports, advertising agency Rediffusion will no longer be known as Rediffusion Y&R. It was reported that 40% stake held jointly by Young & Rubicam, part of WPP, and Japanese ad giant Dentsu have been bought back by its founders Diwan Arun Nanda, chairman at the agency and Ajit Balakrishnan, CEO, Rediff.com.
Post the deal, Nanda and Balakrishnan have complete control over Rediffusion and its second agency Everest. Through the last decade, WPP had unsuccessfully tried to get a controlling stake in Rediffusion Y&R.