Only problem with your assumption is that the business for LP clients is done through a wholly owned local company "Local Planet Media AB" (see financial statements). If all member agencies follow this organizational structure, what business activity does LP Holding consolidate? LP is simply a collective of independent agencies that share resources, knowledge and clients where appropriate, but they do not share a balance sheet and income statement. That is the primary differentiation from the big 5 media networks. I doubt they have given up on this. So, better inquiry with management what exactly this stake in LP Holding means for TKM.
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