Grey Global Group went on the block last week, reportedly hiring Goldman Sachs to shop the $1.3 billion global network, the marketing industry’s last independent holding company.
Word is Publicis Groupe, WPP Group and Japan’s Denstu are interested; but WPP’s work for Unilever would be a significant conflict with Grey’s work for primary client Procter & Gamble, and WPP continues to digest its August 2003 purchase of Cordiant Communications. Publicis handles P&G work.
Grey’s U.S. revenues hit $547 million in 2003, with P&G work accounting for more than 10% of that.
New York-based Grey declined to comment.
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