One of the largest groups on the Russian advertising market GroupM (owned by the British corporation WPP) discontinues operations in Russia, the company said in an official statement on the website of the London Stock Exchange. This decision was made by the company's board of directors due to "inconsistency with the company's values".

The head of WPP, in an internal mailing to employees, said that the company had "no other choice" in the current situation. According to a Sostav source close to GroupM, a decision will be made within three months on the transfer of ownership of the company: whether it will be sold or liquidated. During this period, employees of the group's division in Russia will receive their salaries.

Mark Read, CEO of WPP said: “All last week we have been trying to find the best solution for our business in Russia. In this situation, the WPP board has decided that it has no choice but to discontinue operations of WPP and our agencies in Russia, and it is with great regret that I have to inform you of this decision.

Within a few months, we will organize the process of closing operations, showing the utmost care for our employees. With our customers, employees and partners, we will consider all options, including the transfer of ownership and sale. We will provide extended financial support to each of you who will lose your job as a result of this decision.

I am sincerely sorry to have to break the news to you. Your well-being and interests have always been a priority for the heads of agencies in Russia, and they did not participate in making this decision. We are now informing them of what this will mean for everyone and working on the most effective course of action. You will soon be able to discuss this with them.

We all hope for a peaceful resolution of the current situation and a brighter future. Our agencies and our employees in Russia have always been an important and valuable part of our company, and I deeply appreciate your contribution to our success and the success of our clients.”

According to AKAR and Sostav data for 2020, GroupM was the sixth largest advertising group in Russia. During this period, its total billing amounted to 26.2 billion rubles.