The French advertising group PUBLICIS and the advertising and marketing group CORDIANT COMMUNICATIONS are to create a joint venture under British law grouping their media activities. It will be held at 75% by PUBLICIS and at 25% by CORDIANT. The French firm will also hold a purchase option on these 25% that it will be able to acquire at a minimum price of around EUR 120 million in cash. The new company will comprise 100% of the shares of the OPTIMEDIA and ZENITH MEDIA subsidiaries.