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

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WPP sues over its acquisition of Walmart's former agency, and lawsuit shows the retailer's early advertising struggles

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.

 

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