WPP backs new media network

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[London] WPP Group is backing a new European media network set up by Bruno Kemoun and Eryck Rebbouh, the former Aegis Media Europe joint chief executives.

KR Media will launch in Paris in September, supported by WPP `s 20% stake. The tie will strengthen KR Media's buying power as well as its research and systems, through access to WPP's Kantar Group research arm. Martin Sorrell, chief executive of WPP, said in a statement, "We are certain that, given their successful careers and reputations, KR Media will be an extremely attractive opportunity for clients." KR Media aims to open offices in five or six key European markets. No clients have yet been announced, and the pair are prevented from talking to Aegis clients until November.