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WPP Invests $5 Million in New York-based Podcasting Company Gimlet


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WPP ( WPPGY ), a British multinational advertising and public relations company, said Wednesday it spent $5 million for a minority stake in Gimlet Media, an award-winning New York-based podcasting company.

Founded in 2014, Gimlet employs 85 people and its podcasts are downloaded over 12 million times per month in over 190 countries worldwide, WPP said.

Gimlet's advertising and branded-content clients include Alphabet, Ford Motor Company, PepsiCo, Match Group, eBay, Blue Apron, Goldman Sachs and Microsoft.

The investment was made to further WPP's strategy to invest in digital content providers. Gimlet has raised $27 million in funding so far.

The shares fell 0.1% in early trading in New York on Wednesday.

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This article appears in: Investing , ETFs
Referenced Symbols: WPPGY


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