Cordiant Communications has confirmed that it has entered into negotiations to sell a number of Australian assets including the advertising agency George Patterson Bates.
It was reported last week that Cordiant was discussing a £40 million deal with Pacific Equity Partners, a private equity firm with links to David Hearn, Cordiant’s new chief executive (see
Hearn Replaces Bungey As Chief Of Cordiant Comms).
Cordiant endured a torrid 2002 during which revenues plunged in difficult market conditions. Last week it was announced that Nigel Stapleton would succeed Charlie Scott as chairman of the troubled advertising network (see Cordiant Appoints New Chairman).
