Advertising giants Publicis Groupe and Havas Network are independently negotiating with Madison World, owned by Sam Balsara, to acquire a majority stake in its advertising division, according to media reports.
The report indicates that Balsara is looking to divest a portion of his advertising business.
One of the reports quoted Balsara, Chairman and Managing Director of Madison, as saying that they have “always been open to partnerships that enhance Madison’s strength”. However, the terms must be suitable and align with our long-term vision for future-proofing the company,” he was quoted as saying in the report.
The reports did not have a response from either Publicis or Havas.
Madison World was founded by Balsara in March 1988.
Specializing in Media (Digital, TV, Print, Radio, Cinema, Outdoor, Activation), PR, Creative, and Sport, the agency operates from offices based out of Mumbai, Delhi, Bengaluru, Chennai, Kolkata and Hyderabad.
Reports claim that Madison had tried to sell 75% stake in the media buying and outdoor business earlier as well, but the deal did not materialise.
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