Grey Global working with investment banks for potential sale

NEW YORK: Confirming weeks of speculation, Grey Global Group said today that it is working with two investment banks on a possible sale.

NEW YORK: Confirming weeks of speculation, Grey Global Group said today that it is working with two investment banks on a possible sale.

The world's seventh-largest agency holding company said in a release that Goldman Sachs & Co. and JP Morgan are "assisting it in exploring alternatives focused on enhancing shareholder value."

The release said this exploration may not result in any sale, and that Grey did not intend to sell individual business units in connection with the exploration.

Grey declined to comment further.

The media have speculated since late June that Grey may be on the selling block. Last week, Publicis Groupe joined Omnicom in announcing it wasn't interested in buying Grey, while WPP has declined to comment on whether it would. Grey's agencies include PR firm GCI Group and APCO Worldwide, a public affairs firm based in Washington.

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