Saatchis goes to ground over failed Three Drunk Monkeys bid

Saatchi & Saatchi was today declining to comment after widespread industry commentary that the troubled ad agency had been rebuffed in an attempt to buy Three Drunk Monkeys.

Today’s Sydney Morning Herald says Saatchis is still searching for an agency to buy in a bid to restore its local fortunes.

The SMH reports that Saatchi & Saatchi Australia’s company accounts for 2009 showed that the company’s profits fell by 80 per cent to $485,000. Although the accounts for 2010 are not yet available, the agency had a further bad year with the loss of David Jones and Lion Nathan suggesting it may even have become loss making.

With the imminent launch of Dentsu, Saatchis is also likely to face even greater pressure on its hold on Toyota.

According to the SMH, Saatchis’ owner Publicis Groupe is still looking to purchase one of the few remaining independent agencies in Australia.

The purchase would have been a particularly intriguing one with the founders of Three Drunk Monkeys originally having worked at Saatchis.

Saatchis CEO John Foley did not return Mumbrella’s calls.


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