M&C Saatchi has sold its remaining 24.9% stake in media agency Walker Media to Publicis Groupe for £25 million in cash.
In the financial year ended 31 December 2017 Walker Media contributed associate income of £1.6m with the investment in associates valued at £10.7m on the balance sheet.
David Kershaw, CEO, M&C Saatchi, said, “M&C Saatchi has started many businesses. Walker Media was one of the first and has been one of the greatest. Christine, Phil and Simon have done a magnificent job, latterly with Publicis Media and we owe them all a huge debt of gratitude. M&C Saatchi has evolved considerably over the past 20 years and we believe now is the right time to realise the value of our minority stake, to support our entrepreneurial strategy of starting new businesses and building the stars of tomorrow.”