US holding group IPG has reportedly turned down a potential buyer who made who made an approach to purchase global agency network MullenLowe.
According to Campaign, a source close to IPG claims that the company is not interested in selling MullenLowe and has not engaged with the investor’s ‘unsolicited’ approach.
Multiple sources have pointed to an Eastern European origin for the approach, with some naming Dmitry Korobkov, former head of Russian agency network ADV as the investor.
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It is understood that IPG dismissed the offer as not ‘credible’ and wouldn’t consider a sale as its considers MullenLowe to be an important strategic asset.
All of this comes as the agency giant also ponders the sale of digital marketing agency R/GA to Indian consulting firm Tata Consultation Services (TCS).
First broken by the Wall Street Journal, the move would form part of IPG’s strategy to streamline its holdings in order to adapt to a topsy-turvy advertising landscape rocked by the rapid proliferation of AI.
