Sam Balsara denies media reports on Madison's sale

“We have not appointed any M&A consultant in India or in any part of the world to 'sell' Madison”

BestMediaInfo Bureau | Delhi | November 21, 2012

Sam Balsara

Madison Media has been in the news off and on for the past few years with talks about its sale. The news of it being on the block cropped up once again last evening with reports in a section of the media, primarily The Economic Times and it sister TV channel ET Now, that Madison Media is in negotiations with WPP and Dentsu for its sale and has appointed an international M&A specialist for this purpose.

However, Sam Balsara, Chairman & Managing Director, Madison Group, has denied these reports strongly. In a text response to BestMediaInfo, Balsara said: “I can say with all the emphasis at my command that we have not appointed any M&A consultant in India or in any part of the world to 'sell' Madison.”

Balsara added: “Our position on this subject continues to be the same as it has been for the last decade and a half: that we are open to evaluating bringing in a joint venture partner provided what the partner can bring in can strengthen or benefit Madison's clients, employees and shareholders – in that order.”

Madison is the largest independent, homegrown media agency in India with 11.2 per cent market share, handling advertising volumes worth $630 million, according to 2011 RECMA data.

For the record, Madison has an alignment with WPP by way of Balsara's 51 per cent stake in GroupM agency MediaCom in India.

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