Global communications giant to buy out Middle East venture

Publicis, the world's third-largest communications group, is in negotiations to buy out the remainder of a Middle East advertising network it first invested in 12 years ago.

Publicis Worldwide is in the process of buying out 100 per cent of advertising network Publicis Graphics, which has a presence in more than 10 Middle Eastern cities.

Publicis Worldwide is the largest unit of the Publicis Groupe, which is listed on the Euronext exchange in Europe.

"We own the majority of Publicis Graphics and we're in the process to negotiate to buy the 100 per cent right now," said Richard Pinder, chief operating officer at Publicis Worldwide.

"I've taken it on temporarily [chief executive] while we finish the buying out and go round and seek a successor," he added.

Publicis Graphics was founded in Lebanon in 1973, when it was known as Publi-Graphics, although it did not then have any connection with the Paris-listed communications firm. In 1999, Publicis Worldwide bought a majority stake in Publi-Graphics.

bflanagan@thenational.ae