Publicis Buys Zenith Stake for $120 Mil.

NEW YORK Publicis Groupe has purchased from Cordiant Communica-
tions Group the 25 percent of Zenith Optimedia it didn’t already own for about $120 million, based on the current rate of exchange.

The deal had been expected [Adweek Online, Aug. 11] and follows financial terms originally spelled out in the joint venture agreement between Publicis’ Saatchi & Saatchi unit and CCG. Publicis has yet to purchase several additional Zenith franchises, estimated to be worth $15 million.

Earlier this summer, Paris-based Publicis jousted with London’s WPP Group for control of financially troubled CCG, seeking a cheaper price for the Zenith stake, but the British holding company won that battle.