WPP lawsuit claims former Walmart agency inflated its value by 40% - Business Insider

This story requires our BI Prime membership. To read the full article,Ad holding company giant WPP sued two private equity firms and former executives at agency Triad Retail Media, which WPP acquired in 2016 for $300 million.

The filing, which arrives as Walmart aggressively moves to compete with Amazon's advertising business, also quotes a Triad executive describing the Walmart account as being in "a bit of a free fall." In the complaint, WPP alleges that Triad's estimated EBITDA for 2016 would be $13.3 million, not $31.6 million, as Triad initially told WPP. These figures were driven primarily by Walmart's business.

A Triad representative referred to WPP, which declined to comment on the suit. Falcon Investments declined to comment, and RB/TDM Investors did not respond to emails seeking comment. A Walmart spokesperson did not immediately respond to an email seeking comment on this story.The filing cited an online chat in which Triad's CFO allegedly responded to a question about the deteriorating revenues on Walmart's account by saying the business was in "a bit of a free fall.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

3 people reportedly shot at an Oklahoma Walmart store - Business InsiderA shooting was reported at a Walmart store in Duncan, Oklahoma, on Monday.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Salesforce's CMO says being 'values-driven' is key for companies - Business InsiderSalesforce CMO Stephanie Buscemi says companies need to be 'values-driven' in every aspect of their business to keep customers.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Trump administration wants hospitals to post prices, lawsuit looms - Business InsiderThe Trump administration wants to force hospitals to post their prices, but hospitals are fighting back (via axios)
Source: BusinessInsider - 🏆 729. / 51 Read more »

Apple may have to open NFC technology to others - Business Insider - Business InsiderA German law would make Apple offer NFC technology to other firms – impacting Apple Pay since it doesn't currently offer its NFC technology to others.
Source: BusinessInsider - 🏆 729. / 51 Read more »

How Brazil is leading Latin America's fintech revolution - Business InsiderLatin America Fintech Snapshot - Brazil: BIIntelligence examines how the region's economic powerhouse is leading its fintech revolution
Source: BusinessInsider - 🏆 729. / 51 Read more »

BlackRock former head of Aladdin Jody Kochansky left the firm - Business InsiderA BlackRock memo about Aladdin architect Jody Kochansky's departure lays out how he shaped the giant asset manager over nearly three decades at the firm
Source: BusinessInsider - 🏆 729. / 51 Read more »