IPG
The Interpublic Group of Companies, Inc.
stock NYSE

Don't wanna hijack the thread as I know this isn't your discussion but I have worked in the past for a big advertising HoldCo agency in the same market cap tier as Publicis. Things are not good in that industry, although Publicis is the least bad as it has been hoovering up clients from everyone else (issue is that is cyclical and in 5 years it means the same will happen to them to Havas or IPG or whoever).
IPG and Omnicom are merging which is going to make the market tougher in a few years for the rest.
I have been watching WPP (who have been haemorrhaging clients) for a while and at some point there will be an entry point as an M&A type play because Ogilvy, EssenceMediaCom, Grey have good industry branding that somebody else would potentially want. Can see them merging with Dentsu International who Dentsu Japan are rumoured to want to offload, and that would work reasonably well because Dentsu are arguably the best at media planning and data science with Merkle but basically unknown for creative with WPP the opposite. Issue is I don't think either are in the financial position to actually pull off a merger either?
Even then, the industry is being torn apart by in-housing by clients who can just go direct to the tech platforms. In the 90s you used to have to beg WPP or Dentsu to onboard you as they were the only route into prime OOH, TV and Radio slots in the UK or Japan etc. You also have some more 'upstart' agencies like M+C Saatchi and Croud who are growing reasonably well and it is one of those industries like audit with practically zero moat.
It is a tough one.

Don't wanna hijack the thread as I know this isn't your discussion but I have worked in the past for a big advertising HoldCo agency in the same market cap tier as Publicis. Things are not good in that industry, although Publicis is the least bad as it has been hoovering up clients from everyone else (issue is that is cyclical and in 5 years it means the same will happen to them to Havas or IPG or whoever).
IPG and Omnicom are merging which is going to make the market tougher in a few years for the rest.
I have been watching WPP (who have been haemorrhaging clients) for a while and at some point there will be an entry point as an M&A type play because Ogilvy, EssenceMediaCom, Grey have good industry branding that somebody else would potentially want. Can see them merging with Dentsu International who Dentsu Japan are rumoured to want to offload, and that would work reasonably well because Dentsu are arguably the best at media planning and data science with Merkle but basically unknown for creative with WPP the opposite. Issue is I don't think either are in the financial position to actually pull off a merger either?
Even then, the industry is being torn apart by in-housing by clients who can just go direct to the tech platforms. In the 90s you used to have to beg WPP or Dentsu to onboard you as they were the only route into prime OOH, TV and Radio slots in the UK or Japan etc. You also have some more 'upstart' agencies like M+C Saatchi and Croud who are growing reasonably well and it is one of those industries like audit with practically zero moat.
It is a tough one.