French ad network Publicis Groupe moves to acquire 100% of Publicis Mojo for $50 million
January 27 2012, 11:35 am | | 12 Comments
Paul McIntyre from AdNews reports that Publicis Groupe is about to acquire the remaining 40% of Publicis Mojo (including its ZenithOptimedia media unit) for $50 million.
Mojo’s largest local shareholder is Graeme Wills (far left, with deputy chairman and fellow shareholder Craig Davis). Other shareholders include Nicholas Davie and Belinda Rowe.
12 Comments
$45m for ZO and $5m for Mojo’s? Sounds about right.
Mojo has been slashing costs for well over a year now (replacing salaried employees with freelancers, trying to sell the Windmill Street building) to improve the cash they get for their equity.
It’s only going to get worse for those still there basking in the dream that things will return to yesteryear. Wait until the French properly take over management and look to improve their margins and cut costs more.
May as well prise the M, O, J and O off the building now.
What a shame.
Just when Mojo were looking to return to their former glory… actually I can’t say that, the ads Micah was doing crapped all over the stuff they did in the 80s.
But a shame to lose an icon, another French agency in Sydney with no doubt dozens more Eurozone escapees on their way.
Lets hope the work gets back up to speed, this town’s losing its sheen.
If they are only paying what Mojo is currently worth the shareholders will be well disappointed.
Hey Pat
You sound like a xenophobic twat!
Roland,
Do you think the influx is due to the expensive rent or our wonderful, quasi british culture?
Is the Melbourne office still even open?
Well we saw that one coming 2 years ago. I reckon the French have overpaid hugely. Just when Qantas is about to walk out of the ZO door. Explains why they have got rid of all the good talent (ie, expensive salaries) and kept all the deadwood, some who have been around for 18 years. Welcome to Publicis Nogo.
Pat, what is this quasi British culture you speak of?
It’s probably the most Aussie of all the Sydney agencies.
Xenophobia? If you don’t like it, you can fuck off back home.
Hey Roland,
You sound like a cheese-eating surrender-monkey. Everyone hates the French in this part of the world – Mururoa Atoll, Rainbow Warrior, unwashed hairy-armpited women… get with the program. And stop Anglicising your name.