Cordiant has a 25% stake in ZenithOptimedia and the rest is held by French advertisng giant Publicis Groupe. Zenith had previously been split 50:50 between Saatchi & Saatchi and Cordiant with the Saatchi stake going to Publicis when it bought the agency in 2000.
Cordiant's share was diluted to 25% when Publicis merged its existing media operation, Optimedia, into Zenith, giving it the controlling stake.
As part of its agreement with Publicis, Cordiant has an option to sell its stake in ZenithOptimedia in January 2004, for a minimum £75m.
The two groups are understood to have entered into talks, but Publicis chief executive Maurice Levy is said to want to take advantage of his rival's frail financial position and is hanging in for a lower price, according to the Mail on Sunday.
Cordiant has already hung the for-sale sign on its financial PR division Financial Dynamics, which is working on a management buyout; its Australian advertising operations; and its German-based advertising agency Scholz & Friends.
After the sell-off, Cordiant will be left with its core advertising agency asset the Bates Group, which will become the focus of Cordiant's business. The remaining Bates network includes Healthworld, the marketing services network 141 and design group Fitch.
In a trading statement last month, Cordiant said 2002 revenues looked set to be down for the year by 11% to £533m, which it said was in line with expectations.
However, it said it had far exceeded its cost-cutting targets and had achieved savings of £45m, which is nearly double the £27m expected target.
Cordiant CEO David Hearn said that almost half the £45m came by way of job cuts last year when the group axed more than 1,000 jobs.
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