Grey Global Group keeps mum amid sale speculation

NEW YORK: Media speculation continues to swirl around potential suitors for Grey Global Group, even as all parties involved keep quiet or stick to their "no comments."

NEW YORK: Media speculation continues to swirl around potential suitors for Grey Global Group, even as all parties involved keep quiet or stick to their "no comments."

Various media outlets late last month reported that Grey, the world's seventh-largest agency holding company, had hired Goldman Sachs to seek out a buyer. Further reports last week had WPP and Publicis Groupe as the most likely candidates.

Representatives from WPP, Publicis, and Goldman Sachs declined to comment or did not return calls. Grey said it couldn't confirm or deny the speculation.

"Our official position is no comment," Jan Sneed, SVP and corporate affairs director at Grey, told PRWeek.

Grey's agencies include PR firm GCI Group and public affairs agency APCO Worldwide. Margery Kraus, CEO and president of APCO, said she would not know of any plans for Grey to sell.

Grey announced last October that it was selling its stake in APCO. Kraus said that any moves by Grey would not impact that.

Proctor & Gamble, Grey's biggest account, also declined to comment to PRWeek.

Grey CEO Ed Meyer would have the final say over any sale. Meyer is the company's controlling shareholder with the power to elect all members of its board of directors.

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