Hyundai review reports spark
Cordiant share plunge
LONDON - Reports that Hyundai Motor is reviewing its US media account, held by Zenith Media, have sparked a plunge in the share price of the media buyer's co-owner Cordiant Communications.
Cordiant's shares fell by 8.1% to trade at 95.5p yesterday and continued to fall this morning dropping a further 1.6% to 94p, having opened on Wednesday at 104p. The Hyundai account is said to be worth more than £100m to Cordiant and was described by chairman Michael Bungey as one of the global rocks upon which the business is built.
In the US Zenith handles media while sister creative agency Bates USA West handles creative. It is understood that presentations will take place at Hyundai's headquarters in Seoul, South Korea, over the next ten days.
Hyundai UK is not reviewing its arrangements. It uses Leagas Delaney for creative and PhD for media buying. Hyundai Motor in Korea retains Diamond for creative advertising, while Hyundai Motor in Europe uses Atlas Advertising in London.
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