Zinc Media acquires Qatar events firm WMP for up to £1.12M
What's the deal? Zinc Media Group, the London-listed content and events production company, has agreed to acquire William Martin Qatar LLC (WMP Qatar), a creative agency specialising in events, film, and design production across the Middle East. The initial consideration is £0.4M, paid entirely in new shares, with the total deal worth up to £1.12M depending on performance targets.
WMP Qatar, founded in 2010, generated £3.3M in revenue and £0.3M in pre-tax profit in 2025. It has averaged £0.4M in annual net profit over the past five years and is forecast to deliver £3.4M in revenue for 2026.
Its clients span science and technology, education, healthcare, and government sectors.
Why now? Zinc Media already operates in Qatar through its brand and film production business, The Edge. The acquisition lets it in-source events film production and cut costs by co-locating the two businesses. It also supports the company's broader push into Saudi Arabia and the UAE, where it produced its largest event to date in 2025.
What could go wrong? Much of the deal's value — up to £0.72M — hinges on WMP Qatar hitting EBIT targets in 2026 and 2027. If the business underperforms, the contingent consideration won't be paid, but it also means the expected synergies may not materialise. Integration across jurisdictions in the Middle East adds operational complexity.
The deal is being paid in shares, which dilutes existing shareholders. And while WMP Qatar has been consistently profitable, its margins are thin — £0.3M profit on £3.3M revenue.
The signal: This deal reflects the growing appetite among UK-listed media companies for Middle Eastern expansion. The region's investment in mega-events, cultural programmes, and media infrastructure — particularly in Qatar, Saudi Arabia, and the UAE — is creating demand for production services that Western firms are racing to meet.
For Zinc Media, it's a low-risk, bolt-on acquisition that deepens its footprint in a market where spending shows no signs of slowing. Completion is expected within four weeks.
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