Cordiant admits talks with True North

Cordiant Communications has admitted it held talks in the past with US rival True North about a potential takeover, but stressed it was currently not in discussion with any interested parties.

LONDON (Brand Republic) - Cordiant Communications has admitted it held talks in the past with US rival True North about a potential takeover, but stressed it was currently not in discussion with any interested parties.

Michael Bungey, Cordiant chief executive, said consolidation within the advertising sector was inevitable. He recently admitted he did not see the company’s ultimate goal as maintaining its independence. The company owns Bates Worldwide and a 50% chunk of media-buying company Zenith Media.

Cordiant pipped True North, which runs the FCB and Bozell agencies, to the post to buy US marketing and exhibitions firm Lighthouse earlier this year, making it the 10th largest agency group in the world.

“It will take something pretty interesting to make us join with someone else. That doesn’t mean we won’t look at doing things with others, but we are a stronger business than we’ve ever been,” Bungey said.

He revealed pre-tax profits up 66.4% to £17.8m compared to £11.1m for the same period last year.



Topics

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Brands that forge an emotional tie are best protected from copycats
Shares0
Share

1 Brands that forge an emotional tie are best protected from copycats

Forging an emotional tie with consumers is one of the strongest ways to protect your brand. Products can be copycatted, but the distinctive identity of a true brand can never be replicated argues Nir Wegrzyn, CEO of BrandOpus.

Just published