No Lie--Joe Isuzu’s Creator Sold to French : Advertising: Eurocom SA becomes nation’s first multinational player in agency takeover game.

Don’t look for Joe Isuzu to be fibbing in French any time soon. But a big chunk of the British-owned ad agency whose U.S. division created one of the ad world’s best-known liars was purchased Wednesday by a giant French advertising conglomerate for $68.6 million.

Eurocom SA, one of the biggest advertising agencies in France, purchased a 40% interest in WCRS Group’s worldwide advertising network. It previously owned 20% of WCRS, bringing its majority ownership of the company to a total of 60%. The agreement also gives Eurocom the right to buy the remaining 40% after six years.

The newly formed holding company, previously called WCRS Advertising Ltd., will be renamed Eurocom WCRS Della Femina Ball.

“It gives us an investor to fund the growth we need in Europe,” said Louise McNamee, president and chief operating officer of Della Femina, McNamee WCRS, the U.S. division of the company. Jerry Della Femina, the outspoken chairman of the U.S. ad agency, takes on the additional title of joint chairman of the European ad group along with Robin Wight, who is currently chairman. Della Femina was unavailable for comment Wednesday. At the same time, WCRS, which already owns a 50% interest in one of Europe’s leading media buying companies, Carat Holding SA, purchased the remaining 50% of that company for about $319 million. Analysts say this will greatly expand WCRS’ fast-growing media buying presence in Europe, while at the same time decreasing its slower-growing business there as a creator of advertisements.

Analysts are watching with keen interest as many of the largest acquisitions in the advertising world have recently had European roots. Over the past several years, British-based WPP Group purchased two of America’s largest and best-known ad agencies, J. Walter Thompson and Ogilvy & Mather.

“Now, it’s another country heard from,” said Alan Gottesman, analyst at the New York investment firm Paine Webber Inc.

Until now, Gottesman said, “France has been one of the few countries with a developed and sophisticated advertising industry, but which has not produced a major, multinational player.

“This doesn’t make Eurocom the next Saatchi,” said Gottesman, in reference to the rapid growth by acquisition of the giant British ad agency, Saatchi & Saatchi, “but this sure makes them big.”

And as for WCRS, “It makes sense for them to be at the top in media buying rather than second in advertising,” said Andrew Wallach, an analyst with the New York investment firm Drexel Burnham Lambert Inc.

Media buying, especially the purchase of TV broadcast advertising, is a fast-growing business in Europe because of the recent deregulation of the TV industry in some European countries. Said Wallach, “Foreign entrepreneurs are showing some U.S. companies how to run advertising agencies.”