Amidst a potential acquisition, Grey Global posts revenue increase

NEW YORK: Grey Global, the small holding company that has stirred big speculation the past two months over its potential acquisition, announced a 13.8% increase in revenue for the second quarter of 2004 over the same period last year.

NEW YORK: Grey Global, the small holding company that has stirred big speculation the past two months over its potential acquisition, announced a 13.8% increase in revenue for the second quarter of 2004 over the same period last year.

Grey's second quarter revenue was $364 million, according to a company statement, and much of that came from regional operations based outside North America. In keeping with company policy, Grey did not report numbers from its PR firms, APCO Worldwide and GCI Group.

Speculation about a possible sale of Grey, the world's seventh-largest agency holding company, has swirled in the media since June.

Grey has confirmed that it has hired Goldman Sachs & Co. and JP Morgan to explore a possible sale, and Grey told PRWeek in late July that it was talking with Paris-based Havas about a sale. Publicis Groupe and Omnicom have both said they will not buy Grey, and WPP has declined to comment.

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