NEW YORK Cordiant Communications Group is said to be looking to sell another asset, its 77-percent stake in German-based Scholz & Friends.
The British holding company, parent to Bates and 141 Worldwide, has been considering divesting itself of certain assets to pay down debt, sources said. Earlier this week, CCG confirmed that it has entered preliminary discussions regarding the possible sale of a stake in certain Australian assets, including George Patterson Bates [Adweek Online, Feb. 4].
Scholz & Friends, an advertising network in 13 markets across Europe, was one of two holdings that was unaffected by a CCG reorganization last year that united Bates, 141, Fitch and Healthworld to form Bates Group. At the time, sources said this would make a sale of the two companies easier.
By unloading Scholz & Friends, CCG also would eliminate a conflict between Scholz's Reemtsma tobacco account the Bates' British American Tobacco and Brown & Williamson business.
CCG CEO David Hearn was unavailable for comment.