Media and technology conglomerate WPP is looking to offload its inflight ad and entertainment unit, Spafax, Sky News reported.
The holding company has begun work with bankers to find a buyer for Spafax, believing that it can sell the unit for as much as $97 million, according to Sky News. Jegi Clarity will be handling the sale.
Spafax has been part of the WPP portfolio since 2000, and it has a client list of airlines from nearly every continent, including JetBlue, Emirates, British Airways, Lufthansa, Korean Air, and Latam.
Recently named chairman Philip Jansen is reorienting WPP’s business, focusing on artificial intelligence, Sky News reported, adding that Jansen is under pressure to reverse fortunes at the company, which has seen its stock price plummet by as much as 13% within the past 12 months under the leadership of CEO Mark Read.
Trade bidders and private equity firms are among those seen as potential buyers for Spafax. according to Sky News.