Holding-Co. Shareholders Give OK to Asset Sales

Cordiant Communications Group’s investors have approved plans to sell its 70 percent stake in its Australian operations, The Communications Group, and its 77 percent holding in German agency network Scholz & Friends. The deals will generate about $94 million.

Media Concern Revises ’03 U.S. Ad Forecast

ZenithOptimedia last week said U.S. ad spending will rise 2.7 percent this year, up from the 2.2 percent estimate the London media concern made in April. Because of ongoing weakness in Europe, Zenith’s forecast for global ad spending remains at an increase of 2.9 percent. Zenith cut its growth forecast for Europe to 1.7 percent, which is expected to shrink 0.5 percent after factoring for inflation.