Cordiant equity stake in ZenithOptimedia
20 August, 2003
WPP Group plc ("WPP") confirms that it has sold its 25% shareholding in ZenithOptimedia, acquired as part of the Cordiant Communications Group plc transaction. The equity interest has been sold to Publicis Groupe SA at a price of £75 million in accordance with Publicis Groupe SA's contractual obligation. WPP, through Cordiant, currently retains equity interests in
Zenith franchises in nine countries, covering Hong Kong, Malaysia, Indo-China, Argentina, Greece, Norway, India, Australia and Lebanon, and has trading relationships in another fourteen markets where Zenith has franchises.
ZenithOptimedia's audited revenues and post-tax profits for 2002 were £148m and £13m respectively.
Recent disposals by Cordiant in the last two months now total £160m.
This compares with a pre-disposal net debt level of £235m.