NEW YORK: Grey Global Group has hired Goldman Sachs to sell the holding company, according to media reports over the weekend.
Executives familiar with the negotiations told Advertising Age that Publicis Groupe, WPP Group, and Dentsu were vying to buy the world's seventh-largest agency holding company that includes PR firm GCI Group and public affairs agency APCO Worldwide.
Grey Global, GCI, Goldman Sachs, and Proctor & Gamble (Grey's biggest account), declined to comment.
Any sale of Grey is not expected to affect the acquisition of APCO by its employees, according to media reports. APCO did not return calls for comment Monday morning and early afternoon.
New York-based Grey Global recorded revenue of $1.3 billion in 2003.
Check back with PRWeek.com as we update this developing story.