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WPP CEO Martin Sorrell. Photo: Pierre Metivier / Flickr cc

WPP, the world's largest advertising agency, has agreed to sell its 24.7% stake in Japanese agency Asatsu-DK (ADK) to private equity firm Bain Capital for $1.35 billion.

Why it matters: The agreement ends a two decades plus relationship between WPP and ADK, and comes after months of feuding between the three parties. It also is the first-ever buyout of a major Japanese ad agency.

Tensions escalated when WPP threatened to impose legal action to block the sale, by not tendering its shares. The agency later agreed to increase its stake in the company if Bain would pull its offer. It's unclear why WPP abandoned that stance.

ADK argued the WPP relationship no longer made fiscal or strategic sense. According to Reuters, it wanted to focus more heavily on mobile video, a growth area across most markets, but particularly Asia. According to eMarketer's latest forecast, Japan is already the world's third-largest ad market $41 billion.

Per Reuters, ADK says WPP and Bain can now discuss potentially letting WPP buy 25% of the entity that would own ADK. The aim would be to prevent WPP from being totally forced out of the company.

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Felix Salmon, author of Capital
30 mins ago - Economy & Business

The biggest obstacle to a wealth tax

Illustration: Aïda Amer/Axios

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 7 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.