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<p>Tony Barson/Getty Images for iHeartMedia<br /><br /><keyword id="3808233" type="PERSON" weightage="20" keywordseo="Tim-Castree">Tim Castree</keyword> of Group M (right) with Brad Hiranaga of General Mills, Ryan Seacrest and Leslie Simms in 2019 in Cannes, France.<br /><br /><br /><br /><br /></p><ul class="summary-list"><li>Tim Castree, North American CEO of WPP's <keyword id="177241" type="COMPANY" weightage="20" keywordseo="GroupM">GroupM</keyword>, has stepped down from the world's largest ad buying network, effective immediately, Business Insider learned.</li><li>He assumed the role in late 2018, replacing Brian Lesser, who went on to lead AT&amp;T's Xandr.</li><li>GroupM and Castree issued nondescript statements and the company did not elaborate on its leadership plans for the immediate future.</li><li>Sources with knowledge of the matter said the company's need to grow in its crucial region, North America, played a role in his departure.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul>WPP's GroupM, the world's largest ad buying network, confirmed today that North American CEO Tim Castree has left the company, effective immediately.<br /><br />His departure follows a large-scale restructuring effort and the July appointment to global CEO of Christian Juhl, to whom Castree reported.<br /><br />"We thank Tim for his contributions and wish him the very best," said a GroupM spokesperson.<br /><br />"I'm excited about the future for me. And bullish about the future for GroupM," Castree told Business Insider.<br /><br />Several sources with direct knowledge of the matter said Castree's departure was announced to staff at GroupM this afternoon.<br /><br /><h2>The change follows other leadership announcements and revenue struggles for WPP in its largest region</h2>Juhl, who had formerly been CEO of Essence, a digital agency created to service Google, was promoted to lead GroupM globally in July upon the departure of his predecessor, Kelly Clark.<br /><br />Castree joined WPP in 2017, overseeing the merger of media agencies MEC and Maxus to create Wavemaker, where he served as global CEO before being tasked with filling the role left empty when Brian Lesser left GroupM to lead AT&amp;T's ad platform Xandr in the summer of 2017.<br /><br />One source said Castree's exit came in response to GroupM and its parent company's well-publicized search for growth in the criticial North American region, where it suffered significant slips before reporting improvement during October's third-quarter earnings call.<br /><br />GroupM declined to comment beyond the statement above.<br /><br />The network's agencies include Essence, MediaCom, m/Six, Xaxis, Mindshare, Motion Content Group, and Performance Media Group. By its own estimates, the group handles more than $113 billion in annual media investments around the world for clients such as Ford, Google, and Facebook.<br /><br />            <h3>NOW WATCH: <a href="https://www.businessinsider.com/candy-corn-ingredients-made-of-gelatin-lac-resin-halloween-sugar-syrup-2017-10">Here's what candy corn is actually made of</a></h3>        <pre style="display: none;">function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</pre>        <br />

North American CEO of the world's largest ad buying agency network, GroupM, has left after less than a year

<ul class="summary-list"><li><a href="https://docquery.fec.gov/cgi-bin/forms/C00728154/1384301/"></a>Mike Bloomberg has spent more than $400 million on advertising to topple Donald Trump.</li><li>Of that, $25.7 million has gone to Hawkfish, his digital agency and primary adtech and data provider that's packed with dozens of people from politics, advertising, and technology.</li><li>Business Insider identified 17 executives running Hawkfish, including former Facebook Chief Marketing Officer Gary Briggs, and former Foursquare CEO Jeff Glueck.</li></ul><p>Mike Bloomberg is leaving no stone unturned in his quest to topple Donald Trump.</p><p>The former New York City mayor has <a href="https://docquery.fec.gov/cgi-bin/forms/C00728154/1384301/">shelled out upwards of $400 million</a> on advertising since joining the presidential race last November - with $25.7 million of that going to Hawkfish, his digital agency and primary adtech and data provider, according to Federal Election Commission disclosures.</p><p>Hawkfish is central to helping Bloomberg win the presidency and helping the Democratic party catch up to the GOP on the back of data. It's <a href="https://www.businessinsider.com/mike-bloomberg-latest-ad-agency-and-executives-hires-2020-2">packed with a who's who from the worlds of politics, advertising, and technology</a>. </p><p>Among the agency's key people are:</p><ul><li><a href="https://www.businessinsider.com/former-facebook-cmo-gary-briggs-is-leading-bloombergs-agency-hawkfish-2020-2">Former Facebook CMO Gary Briggs</a>, who emerged from retirement in late 2019 to lead Hawkfish</li><li>Former Foursquare CEO Jeff Glueck, the head of digital at Hawkfish and the brains of its data operation</li><li>Former Viacom advertising executive Bryson Gordon, who is tasked with building out the campaign's audience segmentation, linear ad planning, and ad-buying strategy</li><li>Longtime ad-agency executive and former North America CEO of GroupM Tim Castree, who is overseeing the  campaign's record-breaking paid-media budget</li><li>And several Google, Facebook, and Snapchat veterans including Josh Mendelsohn, Jonathan Jarvis, and Selby Drummond</li></ul><h2>For the full list of the key players running Hawkfish and a closer look at their roles, read our full inside story on BI Prime:</h2><h2><em><a href="https://www.businessinsider.com/key-people-at-mike-bloomberg-campaigns-ad-agency-hawkfish-2020-2">Meet the key people who are leading Mike Bloomberg's digital campaign to topple Donald Trump</a></em></h2><p class="tagline">Get the latest Google stock price<a href="http://markets.businessinsider.com/stock/GOOG-Quote"> here.</a></p>

Mike Bloomberg has put together a 270-person digital agency to defeat Donald Trump. Here are 17 execs running Hawkfish.

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"></div></div></div></p><p>Good morning!</p><p>Welcome to the Advertising and Media Insider newsletter. If you got this email forwarded, sign up for your own <a href="http://newsletter.businessinsider.com/join/4np/advertising-media-weekly&amp;hash=f4e91136c13f3c40c496d77bc7347502">here</a>. Send tips or feedback to me at lmoses@businessinsider.com.</p><p>First, we're seeking nominations for the rising stars of Madison Avenue. Read about the requirements and how to nominate someone <a href="https://www.businessinsider.com/nominate-agency-talent-for-the-rising-stars-of-madison-avenue-2019-11">here</a>.</p><p>On to the news, and a scoop: Tim Castree, North American CEO of WPP's GroupM, left suddenly after less than a year in the post - a short tenure, even by ad industry standards.</p><p>WPP, the world's biggest ad holding company, has had revenue struggles in North America. As one source told Patrick Coffee, that weakness appears to have been behind Castree's sudden departure.</p><p><strong><a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">North American CEO of the world's largest ad buying agency network, GroupM, has left after less than a year</a></strong></p><p>One of the overarching challenges for the likes of WPP is that marketers are taking more of their advertising in house. WPP is trying to hold on to some of clients' business by explicitly helping them do in-housing, but the risk is this kind of service is low-margin.</p><p><strong><a href="https://www.businessinsider.com/ad-holding-companies-are-developing-onsite-units-to-stay-competitive-2019-11">Ad agency giants WPP and Dentsu are fighting in-housing - by helping brands adopt the trend</a></strong></p><p>The in-housing trend seems likely to gather steam. Direct-to-consumer companies are going straight to production companies as they branch out to traditional advertising, Tanya Dua reported.<br /><br /><strong><a href="https://www.businessinsider.com/dtc-brands-bypassing-ad-agencies-and-working-with-production-companies-2019-10">Popular direct-to-consumer brands like Bombas, Mailchimp, and SmileDirectClub are increasingly bypassing traditional agencies and working directly with production companies</a></strong></p><p>Over in media, buzzy news startup Axios just named its first chief revenue officer. CEO Jim VandeHei explains why he hired someone from outside media to help drive the company's next phase of growth.</p><p><strong><a href="https://www.businessinsider.com/news-startup-axios-hired-its-first-cro-2019-11">News upstart Axios hired its first CRO with an eye toward overseas expansion and paid products</a></strong></p><p>And Tanya talked to Sprint CMO about its pending merger with T-Mobile and how the tie-up will transform advertising.<br /><br /><strong><a href="https://www.businessinsider.com/sprint-cmo-merger-with-t-mobile-regulation-and-in-housing-2019-11">The FCC has officially approved the T-Mobile and Sprint merger. Here's how Sprint's CMO thinks the combined company will change 5G and advertising.</a></strong></p><p>And a fun one: Wonder what's it like to go to Harvard? This second-year student grew a popular YouTube channel by sharing videos on topics like how to get into the prestigious university and what a day in her life is like.</p><p><strong><a href="https://www.businessinsider.com/how-much-money-harvard-youtube-influencer-earns-from-ads-sponsorships-2019-11">A Harvard student with 265,000 YouTube subscribers breaks down how much money she earns as a college influencer</a></strong></p><p>Here are other great stories from media, marketing, and tech. (You can read most of the articles here by <a href="https://newsletter.businessinsider.com/click/17574965.35102/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9zdWJzY3JpcHRpb24vcHJpbWUtdmlwP25yX2VtYWlsX3JlZmVyZXI9MSZ1dG1fc291cmNlPVNhaWx0aHJ1JnV0bV9tZWRpdW09ZW1haWwmdXRtX2NvbnRlbnQ9QWR2ZXJ0aXNpbmdfaW5zaWRlcg/5d0cd5722ddf9c3bf7c8ccdfB6b82b04a">subscribing to BI Prime</a>; use promo code AD2PRIME2018 for a free month.)</p><p><a href="https://www.businessinsider.com/inside-netflix-failed-the-irishman-wide-release-deal-2019-11">Inside the failed deal that almost made 'The Irishman' Netflix's first wide theatrical release</a><br /><br /><a href="https://www.businessinsider.com/ozy-media-raised-35-million-to-grow-tv-events-businesses-2019-10">Ozy Media's CEO describes how he diversified into TV and events, landing $35 million in fresh funding and getting on track for profitability in 2020</a><br /><br /><a href="https://www.businessinsider.com/its-unclear-whether-twitters-political-ad-ban-will-really-matter-2019-10">Twitter's decision to ban all political ads is a PR win, but it will have almost no effect on the company's advertising business</a><br /><br /><a href="https://www.businessinsider.com/google-names-brad-bender-head-of-vp-of-news-products-2019-10">Google just put one of its biggest advertising execs in charge of juicing revenue from Google News</a><br /><br /><a href="https://www.businessinsider.com/cannabis-brands-will-use-vana-to-advertise-on-mainstream-publishers-2019-11">A martech startup has raised $3.5 million to bring cannabis and CBD ads to publishers like BuzzFeed, Hearst, and USA Today</a></p>

GroupM shakeup, WPP embraces in-housing, Axios' big hire

<ul class="summary-list"><li>Mike Bloomberg started Hawkfish, data-driven startup, in 2019 to help the Democratic Party compete with Republicans across the country.</li><li>The firm gained attention when the former New York City mayor announced his candidacy, and its primary goal is to elect Bloomberg.</li><li>Business Insider spoke to several Hawkfish employees and advisors, who provided a picture of the organization now run by former Facebook CMO Gary Briggs.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><p>In 2019, before former New York City mayor Mike Bloomberg entered the presidential fray, he quietly started a data-based firm called Hawkfish to help the Democratic Party expand its digital operations and win elections across the country.</p><p>Hawkfish now has one client: Bloomberg. The firm handles his campaign's social media presence, including <a href="https://www.businessinsider.com/mike-bloomberg-presidential-campaign-social-media-strategy-millennials-memes-influencers-2020-2/amp/">its now-infamous memes</a> and the <a href="https://www.businessinsider.com/michael-bloomberg-campaign-tweets-democratic-debate-2020-1">bizarre tweets about meatballs and tattoos</a> that turned heads during the January Democratic debate in Iowa.</p><p>Since its launch, Hawkfish has made several big-name hires, most prominently that of former Facebook CMO Gary Briggs.</p><p>According to Business Insider's interviews with several current employees and advisors, he steers Hawkfish with the help of several other tech and advertising executives, including:</p><ul><li>Former Foursquare CEO Jeff Glueck </li><li>Tim Castree, former North American CEO at WPP's ad-buying network GroupM</li><li>Bryson Gordon, ex-head of advanced advertising at Viacom</li><li>Veterans of top tech companies including Facebook, Google, and Snapchat</li></ul><p>People described Briggs as smart, calm, articulate, open to new ideas, and known for getting directly involved in the creative development process.</p><p>Since joining Bloomberg's operation, however, he's flown under the radar and shunned press coverage, along with the rest of the agency, and has taken a hands-off management approach.</p><h2>For more on Hawkfish and its leader Gary Briggs, read the full story on BI Prime: </h2><h2><em><a href="https://www.businessinsider.com/former-facebook-cmo-gary-briggs-is-leading-bloombergs-agency-hawkfish-2020-2">Bloomberg has already spent $400 million on political advertising. Inside the secretive agency that just popped up to help manage all that money, which is run by Facebook's former CMO</a></em></h2>

Meet the former Facebook CMO who's leading Mike Bloomberg's Hawkfish, the best-connected tech and data firm in politics

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Drew Angerer/Getty Images</span></p></div><p></p></div></div></p><p>Hello!</p><p>We published a bunch of great stories on Facebook, Tesla, WeWork, Walmart's Jet, SoftBank-backed startup Fair, and buzzy AI startup UiPath this week, so I want to jump right to it:</p><section><p><strong><a href="https://www.businessinsider.com/anonymous-memo-alleging-racism-at-facebook-circulates-inside-company-2019-11">An anonymous memo alleging ongoing racism at Facebook is circulating inside the company</a></strong></p><p>Employees have been sharing and discussing an anonymously authored blog post that asserts racism at the company has gotten worse over the last year, and quotes what it says are 12 current and former employees about their experiences, Rob Price reported.</p><p><strong><a href="https://www.businessinsider.com/tesla-replacing-salesforce-with-its-own-sales-software-2019-11">Tesla is starting to ditch Salesforce and replace it with its own software for company salespeople</a></strong></p><p>Tesla is starting to abandon <a href="https://markets.businessinsider.com/stocks/crm-stock">Salesforce</a> for a proprietary customer-relationship-management (CRM) system, three Tesla salespeople told Mark Matousek.</p></section><section><p><strong><a href="https://www.businessinsider.com/weworks-flatiron-school-lays-off-dozens-of-people-2019-11">WeWork's coding boot camp Flatiron School has laid off dozens of employees</a></strong></p></section><section><p>WeWork's coding boot camp, Flatiron School, laid off dozens of employees on Thursday as the coworking giant continued to slash costs after its failed initial public offering, Becky Peterson and Meghan Morris reported. Separately, Meghan and Julie Bort reported that insiders say <a href="https://www.businessinsider.com/wework-needs-a-big-expensive-it-upgrade-2019-11">WeWork's IT is a patchwork of cheap devices and Band-Aid fixes that will take millions to fix</a>. </p><p><strong><a href="https://www.businessinsider.com/walmart-jet-top-leaders-depart-future-2019-11">Top leaders are leaving Walmart's Jet, and some employees are growing concerned about the site's future</a></strong></p><p>Jet, the Walmart-owned e-commerce site, is facing a stream of departures from top leaders, fueling concerns among some employees about the company's future, according to Hayley Peterson.</p><p><strong><a href="https://www.businessinsider.com/softbank-backed-fair-struggled-after-explosive-growth-say-insiders-2019-11">SoftBank-backed startup Fair burned through nearly $400 million in 10 months. Insiders reveal how Softbank stepped in and cleaned house in the wake of WeWork.</a></strong></p><p>A dozen current and former employees told Meghan Morris that Fair's unconstrained growth was its undoing. It hired people it didn't have jobs for and bought millions of dollars in inventory it lost track of as it burned through funding, they said.</p><p><strong><a href="https://www.businessinsider.com/uipath-cash-burn-revenue-targets-project-dawn-job-cuts-2019-11">Hot AI startup UiPath's job cuts were triggered after it burned cash faster than expected and missed its revenue target, according to an internal document</a></strong></p><p><a href="https://www.businessinsider.com/category/uipath">UiPath</a> was burning cash faster than expected and its revenue growth, although robust, was below its internal targets when the company launched a plan - dubbed Project Dawn - to slash hundreds of jobs and dramatically reduce costs, according to a presentation reviewed by Ben Pimentel. </p></section><h2><strong>WPP's shakeup</strong></h2><p>Mark Read, the CEO of WPP, the world's biggest ad holding company, is shaking things up as he looks to get the company back to growth. This week:</p><ul><li>Tim Castree, North American CEO of WPP's GroupM, <a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">stepped down from the world's largest ad buying network</a>. Sources with knowledge of the matter told Patrick Coffee that the company's need to grow in its crucial region, North America, played a role in Castree's exit.</li><li>Patrick also reported that WPP would continue its year-old restructuring spree this week by absorbing three agencies into the Wunderman Thompson organization that was <a href="https://www.businessinsider.com/wpp-wunderman-thompson-will-absorb-several-additional-agencies-2019-11">created by the 2018 union of Wunderman and J. Walter Thompson</a>.</li></ul><p>The changes come as WPP looks to tackle headwinds caused by client budget cuts and a large-scale shift away from traditional advertising channels.</p><h2>In conversation</h2><ul><li>Dakin Campbell talked to <strong>Atte Lahtiranta, Goldman Sachs</strong>' new chief technology officer. He shared his strategy for attracting outside developers to work more closely with the bank, giving a <a href="https://www.businessinsider.com/goldman-sachs-incoming-cto-atte-lahtiranta-interview-2019-11">glimpse into the future of how Wall Street will work</a>.</li><li>Julie Bort talked to <strong>Amazon</strong> CTO <strong>Werner Vogels</strong>, who revealed he almost blew the company off when it <a href="https://www.businessinsider.com/amazon-cto-werner-vogels-aws-cloud-job-interview-2019-11">first reached out to him 15 years ago, believing it was "just a bookshelf."</a></li><li>Melia Russell talked to <strong style="color: #222222;">Sean Knapp</strong>, the founder and CEO of <strong style="color: #222222;">Ascend</strong>, a startup that came out of stealth mode in July. He shared <a href="https://www.businessinsider.com/data-pipeline-startup-ascend-pitch-deck-2019-11">the pitch deck he used to raise $15 million in funding.</a></li><li>Jeremy Berke talked to <strong style="color: #222222;">Peter Barsoom</strong>, the CEO of <strong style="color: #222222;">1906</strong>, a Colorado-based cannabis-edibles brand. He walked through <a href="https://www.businessinsider.com/1906-series-a-pitch-deck-18-million-marijuana-edibles-brand-2019-10">his plan to more than quadruple sales in a year</a>.</li><li>Shana Lebowitz talked to <strong style="color: #222222;">Dane Holmes</strong>, <strong style="color: #222222;">Goldman Sachs</strong>' outgoing talent chief. He shared the three questions he asks himself before taking any new role - <a href="https://www.businessinsider.com/career-advice-goldman-sachs-dane-holmes-how-to-choose-job-2019-10">including his next one as CEO of a HR tech startup</a>.</li><li>Rachel Premack talked to <strong style="color: #222222;">Ken Braunbach</strong>, VP of inbound transportation at <strong style="color: #222222;">Walmart</strong>, about everything from increasing sustainability <a href="https://www.businessinsider.com/walmart-trucking-transportation-self-driving-rail-2019-11">to its trucking fleet that's more exclusive than Harvard</a>.</li><li>Lydia Ramsey talked to <strong style="color: #222222;">CVS Health</strong> CEO <strong style="color: #222222;">Larry Merlo</strong> about the company's HealthHubs, its bet that <a href="https://www.businessinsider.com/cvs-health-ceo-larry-merlo-on-how-healthhubs-are-working-2019-11">it can transform its pharmacies into places where you'd want to go to get healthcare.</a></li><li>Joe Williams talked to <strong style="color: #222222;">Leigh Radford</strong>, who heads <strong style="color: #222222;">Procter &amp; Gamble Ventures</strong>. She explained why she rents out a movie theater for her team <a href="https://www.businessinsider.com/how-proctor-and-gamble-finds-hottest-startups-helps-them-scale-2019-11">every quarter to spark innovation at the $299 billion retail giant</a>.</li></ul><h2>Finance and Investing</h2><section><p><strong><a href="https://www.businessinsider.com/leaked-robinhood-memo-banning-traders-over-infinite-money-cheat-code-2019-11">We got a leaked copy of the memo Robinhood sent to barred users who exploited its now infamous 'infinite money' glitch</a></strong></p><p>Robinhood restricted the accounts of users exploiting an <a href="https://markets.businessinsider.com/news/stocks/robinhood-infinite-leverage-free-money-cheat-user-1-million-2019-11-1028661632" target="_blank" rel="noopener">"infinite leverage" glitch</a>, and a leaked letter sent to one terminated trader revealed how the company announced <a href="https://markets.businessinsider.com/news/stocks/robinhood-fixes-infinite-leverage-free-money-glitch-suspends-related-traders-2019-11-1028670689" target="_blank" rel="noopener">account terminations</a>.</p></section><section><p><strong><a href="https://www.businessinsider.com/fintech-george-soros-pitch-deck-raise-15-million-2019-10">Here's the pitch deck that fintech dv01 used to nab $15 million from the likes of George Soros and Pivot Investment Partners. The startup's founder called it the easiest round he's ever raised.</a></strong></p><p>Fintechs have had a relatively easy time raising money thanks to a <a href="https://www.businessinsider.com/vcs-investing-challenger-banks-monzo-chime-varo-revolut-n26-2019-8">slew of eager investors</a> with cash to spend. But the most recent round raised by Perry Rahbar for his fintech dv01 might take the cake. </p><section></section></section><h2>Tech, Media, Telecoms</h2><p><strong><a href="https://www.businessinsider.com/5-amazon-advertising-execs-who-could-replace-seth-dallaire-2019-11">Amazon has a big leadership hole to fill with the departure of advertising exec Seth Dallaire. Here are five insiders that ad execs say are his likely successor.</a></strong></p><p>When Dallaire <a href="https://www.businessinsider.com/seth-dallaire-leaves-amazon-advertising-for-instacart-to-be-cro-2019-9">recently left Amazon</a> to be CRO of Instacart, Amazon lost a big name behind its growing but still nascent advertising business.</p><section><p><strong><a href="https://www.businessinsider.com/outbrain-web-content-recommendations-lost-lead-to-taboola-2019-11">How Outbrain established 'around the web' content recommendations, only to lose its lead to Taboola and end up getting eaten by its rival</a></strong></p><p>In October, the two dominant content recommendation companies Outbrain and Taboola announced plans to <a href="https://www.businessinsider.com/taboola-and-outbrain-merging-to-take-on-facebook-and-google-2019-10">merge to create a $2 billion company</a>. </p></section><h2>Healthcare, Retail, Transportation</h2><section><section><section><section><p><strong><a href="https://www.businessinsider.com/digital-health-investments-by-google-microsoft-tencent-samsung-2019-10">Companies like Google and Microsoft are making big investments in startups looking to disrupt healthcare. Here's where 5 top tech giants are placing their bets.</a></strong></p><p>Tech giants like Google's parent company Alphabet and Microsoft have taken their time figuring out how to approach the massive $3.5 trillion US healthcare industry. </p><p><strong><a href="https://www.businessinsider.com/the-7-best-funded-healthcare-remote-monitoring-companies-2019-10">Meet the 7 remote-monitoring startups that are raising millions to provide a new way of caring for aging Americans at home</a></strong></p><p>The US population is aging rapidly and startups are looking to create new ways of helping to care for the elderly.</p></section></section></section></section><p class="tagline"><a href="https://www.businessinsider.com/intelligence/40-big-tech-predictions-for-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=amazon&amp;itm_campaign=40-big-tech-predictions-for-2019-3"></a></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/inside-the-factory-where-30-million-plastic-poppies-every-year-armistice-wwi-wwii-2018-11">Inside the factory where army veterans make 7 million poppies every year</a></h3>        <div>                    </div>    </div>

An anonymous memo at Facebook, a shakeup at WPP, and Robinhood's 'infinite money' glitch

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>GroupM</span></p><p class="caption">GroupM global CEO Christian Juhl.</p></div><p></p></div></div></p><ul class="summary-list"><li>WPP has restructured its most valuable property, <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> buying network GroupM, as the holding company giant fights industry headwinds.</li><li>GroupM global CEO Christian Juhl laid out the changes in an internal memo sent November 15.</li><li>Ad tech division mPlatform will merge with 2Sixty, which was part of Juhl's former agency Essence. Juhl also promoted several allies to global leadership roles.</li><li>A source at GroupM said parent company WPP was reshaping GroupM in the image of Essence, Google's longtime digital agency of record.</li><li>The memo also stated that GroupM would soon launch a separate business to help clients take their media work in-house.</li><li>These moves are in keeping with WPP's ongoing effort to simplify its offerings to clients.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul><p>WPP has restructured its most valuable property, media buying network GroupM, as the holding company giant fights headwinds facing its business. </p><p>GroupM global CEO Christian Juhl merged mPlatform, the global suite of tech and data services launched in 2016, with 2Sixty, a software company that grew out of digital agency Essence. Juhl ran that business before WPP CEO Mark Read picked him to lead GroupM this summer.</p><p>Juhl also promoted several executives to global leadership roles and hinted at a new business to help clients take their media-buying work in-house as more advertisers are sidestepping agencies.</p><p>These developments followed the recent news, <a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">first reported by Business Insider</a>, that GroupM had parted ways with North American CEO Tim Castree after less than one year.</p><h2>A new leader makes his mark on WPP's most valuable network</h2><p>A high-level source at GroupM told Business Insider that Juhl is reshaping the organization in the image of Essence, Google's longtime digital agency.</p><p>Another source, a media agency executive with knowledge of GroupM's business, said Juhl was chosen for the CEO role due to his former agency's innovative work for Google.</p><p>Juhl also promoted some of his allies to key leadership roles.</p><p>Essence co-founder Andrew Shebbeare, who worked closely with Juhl on the Google account, was named GroupM's acting CTO and tasked with joining 2Sixty with mPlatform, which primarily deals in audience targeting data drawn from sources like Facebook and AT&amp;T's Xandr.</p><p>The two organizations will share leadership and a new, yet-to-be-determined name. </p><p>WPP's primary goal here, as with <a href="https://www.businessinsider.com/wpp-wunderman-thompson-will-absorb-several-additional-agencies-2019-11">the ongoing consolidation of its Wunderman Thompson network</a>, is to simplify its offerings for clients. The GroupM insider called mPlatform a "mish-mash" of services that lacked clear direction, suggesting that WPP now has an opportunity to better define itself.</p><p>"Centralization is key," Shebbeare said. "The more data we feed into the machine, the smarter it gets."</p><p>Shebbeare also said data privacy laws like GDPR led GroupM to place less emphasis on mPlatform, which was initially pitched to clients <a href="https://digiday.com/marketing/once-billed-as-the-future-of-groupm-mplatform-fades-into-the-background/">as a potential alternative to Google and Facebook</a>.</p><h2>Turning a sprawling network into 'one agency with many brains' </h2><p>Juhl promoted former mPlatform CEOs Brian Gleason and Colin Barlow to GroupM global chief commercial officer and president of the new tech services division - moves, according to the former media executive source, that show GroupM is trying to operate as one agency rather than multiple brands that can turn into fiefdoms.</p><p>According the internal memo seen by Business Insider, GroupM will also roll out a new business to help clients bring more media planning and buying work in-house, an attempt to retain business from clients who want more control over their marketing budgets. Parent company WPP has similarly <a href="https://www.businessinsider.com/ad-holding-companies-are-developing-onsite-units-to-stay-competitive-2019-11">built "embedded" divisions on the creative side</a>.</p><p>A GroupM spokesperson wouldn't elaborate.</p><p>The reorg won't impact Xaxis, a programmatic trading desk that is one of the most important parts of GroupM's tech offering.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/target-effect-how-retailer-gets-you-spend-more-money-2018-10">Target just released its Black Friday ad. Here's how 'The Target Effect' gets customers to spend more money than they were expecting.</a></h3>        <div>                    </div>    </div>

WPP just announced a big shakeup at its giant ad-buying network, GroupM

<p class="source"><span><a href="https://www.facebook.com/photo.php?fbid=10152042587566106&amp;set=a.415998456105.198490.515551105&amp;type=3&amp;theater">Facebook</a></span></p><p class="caption">Former Facebook CMO Gary Briggs.</p><ul class="summary-list"><li>Former Facebook chief marketing officer Gary Briggs emerged from retirement in late 2019 to lead Hawkfish, the digital agency launched by 2020 presidential candidate Michael Bloomberg.</li><li>Hawkfish was created as a data-driven marketing operation to support Democratic party candidates, but it's solely working for Bloomberg now.</li><li>Briggs is said to have played a key role in hiring people from the worlds of politics, advertising, and technology.</li><li>Hawkfish is central to Bloomberg's aim to topple Donald Trump and help the Democratic party catch up to the GOP in terms of running a data-driven campaign.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul><p>When Gary Briggs <a href="https://www.facebook.com/garybriggs/posts/10154946712571106">announced his retirement in January 2018</a> after more than four years as Facebook's chief marketing officer, he made clear that he would not disappear altogether.</p><p>"I plan to help the Democratic Party on some efforts leading up to the U.S. midterms this year through to 2020," he wrote.</p><p>Those efforts now involve overseeing Hawkfish, the digital tech and data firm launched - and entirely funded - by former New York City Mayor Michael Bloomberg early last year before he officially threw his name into the 2020 presidential primary race.</p><p>Hawkfish is central to the former New York City mayor's campaign to topple Donald Trump, which moves into a new phase this week after <a href="https://www.businessinsider.com/micheal-bloomberg-qualifies-democratic-president-debate-las-vegas-2020-2">Bloomberg qualified for his first presidential debate in Las Vegas</a>.</p><p>The Democratic Party lags the Republicans in terms of the data-driven resources necessary to win elections in this digital age, multiple marketing executives told Business Insider. Trump scored a surprise victory in 2016 by playing on his social media fandom, and he has hundreds of millions in the bank.</p><p>But Michael Bloomberg is an unconventional candidate with nearly bottomless pockets. The billionaire is not accepting political donations, he has publicly promised to spend at least $500 million, and <a href="https://www.nytimes.com/2020/02/13/us/politics/bloomberg-campaign-cash.html">according to reports,</a> he is paying his staff well above market rates. His campaign is also unafraid to play in the mud by baiting Trump and Democratic rivals, <a href="https://twitter.com/MikeBloomberg/status/1229369357471551488">including frontrunner Bernie Sanders</a>, on social media. In many ways, it is the most expensive experiment in the history of American democracy.</p><p>One adtech CEO who spoke on background, citing closeness to the campaign, described Hawkfish "an unlimited-funded startup with no need to ever produce revenue."</p><p>Briggs did not respond to a request for comment and the campaign didn't comment on the record. This article is based on Business Insider interviews with several ad industry executives acquainted with Briggs along with Hawkfish and Bloomberg employees who cited a "no press rule" when declining to speak on the record or said they'd been required to sign NDAs before joining the company. </p><h2>The ex-Facebook executive has a hands-off leadership style, sources say</h2><p>Other sources close to Hawkfish described the company's leadership structure as flat but said that Briggs plays the crucial role of steering the team.</p><p>Sources said Briggs reports directly to campaign manager Kevin Sheekey, who used to head marketing at Bloomberg LLP; and advisor Howard Wolfson, a longtime Bloomberg confidante who ran PR for Hillary Clinton's 2008 presidential campaign before working under the billionaire mayor and directing his political Super PAC. Wolfson and Sheekey are said to have ultimate approval over all of Bloomberg's marketing - including the memes <a href="https://www.businessinsider.com/facebook-to-change-political-ads-policies-after-mike-bloomberg-memes-2020-2">that led Facebook to change its political-advertising policies</a>.</p><p>In addition to his time at Facebook, Briggs has held marketing roles at Motorola Mobility, Google, and eBay, and sits on the board of companies including Petco, Etsy, and Afterpay. In 2017, <a href="https://adage.com/article/cmo-strategy/marketing-hall-fame-announces-2017-inductees/308264">he was inducted into the New York chapter</a> of the American Marketing Association's Marketing Hall of Fame.</p><p>People described Briggs as smart, calm, articulate, open to new ideas, and known for getting directly involved in the creative development process.</p><p>Since joining Bloomberg's operation, however, he's flown under the radar and shunned press coverage, along with the rest of the agency, and has taken a hands-off management approach.</p><h2>Briggs collaborates with people from advertising, technology, and politics</h2><p>Hawkfish and the campaign work out of offices in New York's Times Square that used to house The New York Times. People who have visited the offices described them as emblematic of the vast resources being poured into the campaign - high energy, with young people and campaign vets alike rushing to and fro, and campaign rooms named for different states.</p><p>Briggs and his hires are said to play critical day-to-day roles at Hawkfish and the Bloomberg campaign. The ad vet said ad agency creatives work with "super type A personalities" from the world of politics via a "divide and conquer approach" to help Bloomberg clinch the Democratic nomination.</p><p>"Hawkfish is Gary's," said the anonymous adtech CEO. "When you're in that office, you can tell that Gary is the one running the show - he's the guy coming up with the larger strategy as to where they're going to be investing."</p><p>Briggs's most important role has been recruiting people from the advertising and tech industries, sources said. Hawkfish has at least 65 employees - mostly from advertising and tech companies, including Briggs' alma matter Facebook - according to Hawkfish's LinkedIn profile.</p><p>One person called Briggs a "liaison to California" and said Briggs contacted him weeks before Bloomberg had announced his candidacy to claim Bloomberg would spend "more than a billion dollars" to defeat President Trump. </p><p>Key people in addition to Briggs who are working on the campaign include:</p><ul><li>Former Foursquare CEO Jeff Glueck, who handles Hawkfish's partnerships and data operations.</li><li>Bryson Gordon, who led advanced advertising at Viacom and now oversees data-driven ad buying for Hawkfish.</li><li>Jacki Kelley, CEO of the Americas for ad holding company Dentsu Aegis Network and ex-COO of Bloomberg Media, who has been helping the campaign recruit media and advertising experts, a source said. A Dentsu spokesperson declined to comment.</li><li>Tim Castree, the <a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">former North American CEO of media-buying network GroupM</a>, who is not technically employed by the agency but oversees all paid media for the Bloomberg campaign. Castree did not immediately respond to a request for comment, though three people confirmed his role in the Bloomberg organization.</li></ul><p>"This is a dedicated group of folks," said Terry Kawaja, founder and CEO of M&amp;A advisory firm Luma Partners. "These are smart people who see this as the only way to defeat Trump - most people view this as a higher order."</p><p>Other ad agencies are involved. Horizon Media is handling some of the campaign's programmatic media buying. A spokesperson for that agency declined to comment. And Assembly, part of ex-political strategist Mark Penn's MDC Partners, oversees the broadcast and radio ad buys. According to public filings, Assembly's commissions on the business amount to a standard agency rate of 15% of all the campaign's TV and radio buys.</p><p>Two Hawkfish employees said the agency's flat structure could lead to confusion over who reports to whom. A Bloomberg campaign employee said the campaign and agency are completely separate, though Michael Bloomberg is currently the agency's only client and the teams collaborate almost daily. For example, this person said the Bloomberg team uses information collected by Hawkfish to create targeted ads.</p><h2>Briggs is using his Facebook playbook to build Hawkfish</h2><p>Briggs knows about marketing teams. His most significant work at Facebook was the 2014 launch of The Factory, the social giant's creative division. Under his tenure, The Factory handled Facebook's own marketing and creative work for advertisers like Chevy and Budweiser. He spoke of the importance of building a tight internal team while at Facebook.</p><p>"We're constantly introducing new apps and new features, and a large amount of time that I spend is in product marketing," he said <a href="https://www.adweek.com/digital/why-facebook-taking-more-its-advertising-work-house-167291/">on an Advertising Week panel</a> in 2015. "So, you want your agency to be tight with the product managers, and you really only get that when they're in the hallway."</p><h2>Hawkfish plans to work with other Democratic candidates</h2><p><a href="https://www.nbcnews.com/politics/2020-election/bloomberg-fund-sizable-campaign-effort-through-november-even-if-he-n1113421">Bloomberg has said</a> that he planned to keep employees on through November, regardless of what happens to his campaign. Hawkfish reportedly <a href="https://www.cnbc.com/2019/12/23/mike-bloomberg-campaign-uses-tech-firm-he-founded-earlier-this-year.html">helped Democratic candidates running in special elections</a> in Kentucky and Virginia last year, and if Bloomberg loses the Democratic nomination, his campaign has publicly stated that the agency would <a href="https://www.nbcnews.com/politics/2020-election/bloomberg-fund-sizable-campaign-effort-through-november-even-if-he-n1113421">put its support behind the winner of the Democratic primary</a>.</p><p>What happens to Hawkfish after the election is uncertain. Spokespeople have said that its post-election goal is to become a long-term Democratic agency and counterpart to the Republican party. According to two sources who have helped Hawkfish find talent, it's pursuing a strategy similar to Blue State Digital, a firm that helped President Barack Obama's 2008 and 2012 campaigns.</p><p>Another current Bloomberg campaign executive said Hawkfish wants to help the Democratic party catch up by using "weaponized data" to compete in a new political world where the internet is a "battlefield."</p><p><em><strong>Got more information about this story or another ad industry tip?</strong> Contact Patrick Coffee on Signal at (347) 563-7289, email at <a href="mailto:pcoffee@businessinsider.com" target="_blank" rel="noopener noreferrer">pcoffee@businessinsider.com</a> or patrickcoffee@protonmail.com</em><em>, or via Twitter DM @PatrickCoffee. You can also contact Business Insider securely via <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">SecureDrop</a>.</em></p><p><em>Contact Lauren Johnson through email at <a href="mailto:ljohnson@businessinsider.com">LJohnson@businessinsider.com</a> or on Signal at (720) 261-0417.</em></p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/hydrogen-fuel-cell-cars-teslas-biggest-threat-2019-12">Why hydrogen cars will be Tesla's biggest threat</a></h3>

Meet the former Facebook executive charged with managing Michael Bloomberg's record-breaking effort to take down Donald Trump

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>WPP</span></p><p class="caption">Mark Read became CEO of WPP in September 2018.</p></div><p></p></div></div></p><ul class="summary-list"><li>The world's largest ad holding company WPP will continue its merger and consolidation strategy with global network Wunderman Thompson absorbing digital agencies Possible, Mirum, and iStrategyLabs.</li><li>Sources told Business Insider that the three agencies, which previously operated under the Wunderman Thompson umbrella, would become one with that organization and would eventually drop their names.</li><li>These organizations collectively employ several thousand people across dozens of countries. It is unclear how many jobs would be affected.</li><li>The consolidation marks the latest step in WPP CEO Mark Read's plan to return the company to growth amid headwinds caused by client budget cuts and a large-scale shift away from traditional <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> channels.</li><li><strong><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</strong></li></ul><p>WPP will continue its year-old restructuring spree by absorbing three agencies into the Wunderman Thompson organization that was created by the 2018 union of Wunderman and J. Walter Thompson.</p><p>Two high-level sources with direct knowledge of the matter said the digital agencies Possible, Mirum, and iStrategyLabs would become one with Wunderman Thompson, with each eventually dropping its name.</p><p>Possible is the best known of the three, with clients including Microsoft, AT&amp;T, and Volkswagen.</p><p>The move marks another step in WPP CEO Mark Read's plans to streamline the world's largest ad holding company through a self-described "radical evolution" strategy.</p><p>It also shows how the company is attempting to return to growth in its largest region after a 2018 that saw stock prices drop by nearly 50% due to the loss of major accounts like American Express and a general move by marketers to slash overall budgets and shift spending from print and broadcast TV to digital platforms.</p><p>Spokespeople for WPP referred Business Insider to Wunderman Thompson, who had not provided a comment at the time of publication.</p><h2>The move marks another step in WPP's efforts to consolidate digital operations</h2><p>The three agencies had already become part of the same network following the <a href="https://www.businessinsider.com/ad-industry-executives-sound-off-on-jwt-and-wunderman-merger-2018-11">merger of digital firm Wunderman and J. Walter Thompson</a>, the world's oldest ad agency. The same two sources said they expected that the organizations would soon function as a single business under a shared profit and loss statement in North America and that all three would eventually drop their names.</p><p>One source said details of the new arrangement haven't been finalized but that they should be complete by the end of the calendar year.</p><p>WPP had already taken a series of incremental steps toward consolidation in recent months by <a href="https://www.adweek.com/agencies/wpp-folds-possible-cole-weber-into-wunderman-thompson-seattle-as-part-of-powerhouse-merger/">merging the Seattle offices</a> of Possible and creative agency Cole &amp; Weber with Wunderman Thompson in March and <a href="https://www.decisionmarketing.co.uk/news/wpp-axes-possible-uk-brand-in-merger-with-mirum">dropping the Possible name in the UK</a> the following month to combine that organization with Mirum.</p><p>Back in 2011, the holding company <a href="https://www.wpp.com/news/2011/02/wpp-digital-launches-global-interactions-agency-possible">combined four existing digital agencies</a> to form Possible. JWT bought Digiteria in 2010 and merged it with 10 other digital agencies around the world to create Mirum in 2015 before acquiring Washington D.C.-based iStrategyLabs the following year.</p><p>According to the most recent numbers from LinkedIn and <a href="https://www.wpp.com/companies/mirum">WPP's website</a>, the three agencies involved in this move employ several thousand people across dozens of countries. Business Insider was unable to learn how many jobs would be affected.</p><h2>CEO Mark Read continues his three-year plan to return to growth by streamlining agency services</h2><p>Mark Read laid out his three-year strategy for WPP in an investors day presentation in December 2018, saying the company <a href="https://www.adweek.com/agencies/wpp-to-cut-3500-jobs-refocus-on-creative-and-data-with-no-more-agency-mergers/">would cut 3,500 jobs</a> and hire 1,000 new people before 2021 while adding creative leadership and data-based service offerings. He also said not to expect any more large-scale merger announcements.</p><p>The company has made big leadership changes, though. Earlier this week, <a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">Business Insider reported first that Tim Castree</a>, North American CEO of <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media">media</keyword> buying network GroupM, would step down after less than a year in the job and that global CEO Christian Juhl would temporarily take his place.</p><p>WPP's recent agency mergers and consolidation moves began in mid-2017, when Possible became part of the Wunderman network while retaining its own brand. Mark Read was CEO of Wunderman at the time.</p><p>His first major move upon taking over the holding company the following September was to merge digital agency VML and traditional creative shop Y&amp;R to create VMLY&amp;R.</p><p>The company reported better results to investors last month after a series of punishing quarters, with organic revenue rising 0.7% when accounting for the sale of a majority stake in market research firm Kantar Media.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/this-mom-is-winning-halloween-with-movie-inspired-crocheted-costumes-2018-10">This mom is winning Halloween with her movie-inspired crocheted costumes</a></h3>        <div>                    </div>    </div>

Ad holding company WPP is continuing its consolidation spree with Wunderman Thompson network absorbing three more agencies

<p class="source"><span>Reuters</span></p><p class="caption">Mark Read, chief executive of WPP, leaves following the AGM in London, 2018.</p><ul class="summary-list"><li>WPP and its holding company rivals faced significant headwinds going into 2019: Clients cut budget and digital ad buys dominated by Google and Facebook overtook traditional channels for the first time.</li><li>To counter these trends, WPP restructured its most valuable property, media-buying network GroupM.</li><li>WPP merged several properties and closed some small agencies in the US.</li><li>It also sold a majority stake in market research firm Kantar to Bain Capital for around $4 billion and sued to recover money lost in a previous acquisition.</li><li>WPP tried to grow new revenue streams with a division that helps clients take their marketing work in-house.</li><li>And while WPP won several pieces of new business this year, it also lost business with longtime clients Johnson &amp; Johnson and Kimberly-Clark. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul><p>2019 was filled with dramatic changes for the advertising industry. Spending on digital ads overtook traditional media like print and broadcast TV for the first time in the culmination of a yearslong trend as Google, Facebook, and now Amazon command an ever-larger share of big brands' budgets.</p><p>Mergers and acquisitions continued apace. Most prominent were the consulting firm Accenture buying creative agency Droga5 for about $450 million and holding company Publicis Groupe paying $4.4 billion for data management firm Epsilon.</p><p>WPP still dominates the ad world as the biggest holding company, and that scale brings attendant challenges: The company's stock has lost about 45% of its value since its all-time high in 2015.</p><p>CEO Mark Read took a number of significant steps over the past 12 months that offer an overview of the ad industry's ongoing evolution as his three-year plan to streamline the sprawling global network takes shape.</p><p><strong>He restructured the company's most valuable property: </strong><a href="https://www.businessinsider.com/wpp-reshaping-groupm-in-the-image-of-google-agency-essence-2019-11">WPP just announced a big shake-up at its giant ad-buying network, GroupM</a></p><p>Read shook up WPP's most important network, GroupM, in July by promoting Christian Juhl to global CEO; Juhl previously led Essence, which buys digital ads for Google. In early November, Business Insider broke the news that GroupM North American CEO Tim Castree <a href="https://www.businessinsider.com/ceo-of-wpps-groupm-north-america-leaves-after-one-year-2019-11">had left after less than a year</a>, and sources attributed his departure to the company's struggles in its largest market.</p><p>Later that month, Juhl named four new executives and merged GroupM's ad tech and software divisions, mPlatform and 2Sixty, in another attempt to streamline operations. Essence had long outperformed other WPP companies, and <a href="https://www.businessinsider.com/wpp-reshaping-groupm-in-the-image-of-google-agency-essence-2019-11">a source told Business Insider</a> that Juhl aims to remake GroupM in its image. </p><p><strong>More mergers and agency closures in North America</strong>: <a href="https://www.businessinsider.com/wpp-wunderman-thompson-will-absorb-several-additional-agencies-2019-11">Ad holding company WPP is continuing its consolidation spree with the Wunderman Thompson network absorbing 3 more agencies</a></p><p>The most visible element of Read's streamlining strategy has involved hybrid mergers of digital and traditional agencies: In late 2018, VML and Y&amp;R combined to form VMLY&amp;R, and Wunderman and J. Walter Thompson became Wunderman Thompson.</p><p>That trend continued throughout this year. In November, Business Insider broke the news that Wunderman Thompson would absorb three additional agencies. About one month later, WPP <a href="https://www.businessinsider.com/wpp-consolidation-shut-down-istrategylabs-jwt-inside-2019-12">confirmed that it would close</a> one of those agencies, iStrategyLabs, along with a division of Wunderman Thompson called JWT Inside that created recruiting campaigns for the US State Department and T-Mobile. The two organizations employed around 60 people, but their revenues had declined in recent years.</p><p><strong>Shedding "non-core" assets and suing to recoup lost investments: </strong><a href="https://www.businessinsider.com/wpp-lawsuit-claims-former-walmart-agency-inflated-value-120-million-2019-11">A lawsuit over an agency that allegedly inflated its worth by $120 million reveals Walmart's earlier struggle to build an ad business</a></p><p>Most holding companies have spent billions to acquire data capabilities in recent years, but WPP went in the opposite direction in 2019 by aggressively shedding "non-core" assets like sports-focused marketing firms Chime and Two Circles. The most prominent divestiture was Kantar, an assortment of research, insights, and consulting businesses founded in 1992. WPP sold a majority stake in Kantar to Bain Capital Private Equity in a deal that closed this month and valued Kantar at $4 billion.</p><p>In another sign of financial crackdown, WPP <a href="https://www.businessinsider.com/wpp-lawsuit-claims-former-walmart-agency-inflated-value-120-million-2019-11">filed a lawsuit</a> alleging that Triad Retail Media, an agency acquired in 2016, had inflated its own value by more than $120 million.</p><p><strong>Looking for new revenue streams</strong>: <a href="https://www.businessinsider.com/ad-holding-companies-are-developing-onsite-units-to-stay-competitive-2019-11">Ad agency giants WPP and Dentsu are fighting in-housing - by helping brands adopt the trend</a> </p><p>In 2019, WPP made the seemingly counterintuitive decision to more aggressively promote a service called Wunderman Inside that helps clients do more of their marketing work internally. The practice has existed since 2018, but this year WPP joined rival Dentsu in positioning such services as alternate sources of revenue in response to client budget cuts and an increase in short-term contracts.</p><p>The move showed that agencies are looking for money wherever they can get it, but WPP downplayed the overall importance of the in-housing trend, with Wunderman Thompson Inside managing director James Sanderson telling Business Insider, "We're not lying awake at night worrying about in-housing."</p><p><strong>Big spenders moving their budgets elsewhere: </strong><a href="https://www.businessinsider.com/wpp-closes-division-dedicated-to-marketing-johnson-and-johnson-brands-2019-10">WPP just lost a huge chunk of one of its oldest, most valuable accounts, Johnson &amp; Johnson</a></p><p>WPP won several critical pieces of business from Mondelez, eBay, Google, and Electronic Arts toward the end of 2019, and its finances improved in turn.</p><p>But in October, Business Insider reported that the consumer goods division of Johnson &amp; Johnson had restructured its marketing and shifted top brands like Listerine and Tylenol to rival MDC Partners. WPP kept the larger pharmaceutical portion of its J&amp;J account, but closed the division launched to service that company in 2018. Less than one month later, Accenture and Droga5 won Kimberly-Clark's child and baby-care portfolio in the US, Europe, and the Middle East.</p><p>WPP retained the baby business in Canada and Asia, but the loss encapsulates the complexities faced by holding companies in 2019 and beyond.</p>            <h3>NOW WATCH: <a href="https://www.businessinsider.com/bill-gates-warren-buffett-billionaires-donate-money-2017-10">On Giving Tuesday, see how Bill Gates and Warren Buffett are changing the world like no other humans in history</a></h3>

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