Samsung Group, South Korea's largest family-controlled conglomerate, is reportedly in talks with about four companies to sell its advertising unit, Cheil Worldwide Inc, sources from Korean Newspaper said Sunday.
The companies include a large Chinese property developer and a South Korean private equity fund, sources in the advertising industry said Sunday.
Still, a Samsung official said he had no knowledge on whether Samsung has been in talks with the Chinese property developer over the sale of its advertising agency.
The move came after Samsung recently suspended its negotiations with Publicis Groupe SA, a French advertising company, over the sale of its stake in Cheil Worldwide.
The attempt to sell off Cheil Worldwide, in which Samsung Electronics owns a 12.6 percent stake, has reportedly been pushed as part of Samsung's drive to dispose of noncore businesses.