WASHINGTON: Grey Global Group is shopping its stake in APCO Worldwide, one of the holding company's two PR agencies, the companies announced today.
Describing the split as an amicable one, Ed Meyer, Grey's chairman and CEO, said the move would serve a strategy of having one unit in each communications area. GCI Group is the other PR firm now in the company's fold, which includes the advertising firm Grey Worldwide. Grey, which owns 70% of APCO, has hired investment bank Bear Stearns to find potential buyers.
APCO President and CEO Margery Kraus, who owns the remaining 30%, expressed an interest in private equity buyers, but Meyer said no offers had been made.