Publicis Groupe has confirmed that is has bought a 75% stake in M&C Saatchi’s Walker Media.
The £36 million cash agreement marks a new landmark in the ongoing rivalry between Publicis Groupe and WPP, as the French advertising group attempts to close in on the Sir Martin Sorrell owned company’s media buying power.
Publicis Groupe is currently one of the world’s largest communications groups, employing 60,000 people in more than 100 countries. In July, Publicis Groupe and Omnicom announced a $23 billion merger that will create the largest marketing and advertising group.
Commenting on the deal, M&C Saatchi’s chief executive David Kershaw said that the new network will be of “great value” to the company’s worldwide client base.
“Walker Media will benefit from the geographic reach and scale of opportunities within ZenithOptimedia and Publicis, whilst importantly retaining the integrity of the Walker Media brand,” he said.
Walker Media – which M&C Saatchi will retain a 24.9% stake in – currently has a range of high profile clients, including Boots, Fox and Marks & Spencer. Following the announcement, M&C Saatch’s share price rose 3.89% to 337p.
