Publicis Sells Back Majority Stake in Freud
Publicis Groupe announced on Friday that it has sold back its majority stake in Freud Communications. Publicis first purchased the 50.1 percent majority in the firm in 2005. According to the Financial Times, revenue at Freud Communications grew to £33 million last year after the purchase. The purchase deal valued the company between €70 million and €80 million. Freud clients include Sony and Nike.
British ad agency Abbot Mead Vicker bought Freud in 1994 only to sell the firm back in 2001 after AMV was purchased by Omnicom.
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