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<ul><li>As per WPP’s global press statement, VMLY&amp;R and Wunderman Thompson were the two best-performing integrated agencies. </li><li>Q2 LFL revenue less pass-through costs -15.1%: US -9.6%, UK -23.3%, Germany -11.6%, Greater China -3.1%, India -25.1%. </li></ul>WPP has released its interim financial results for 2020. Its global revenue stands at £5.6 billion, down by 12.3% from 2019. In India, WPP registered a 25.1% fall in LFL revenue less pass-through costs in Q2. <div type="image" title="wpp q2 performance" msid="77782774" hostid="261"></div> Mark Read, Chief Executive Officer, WPP said, “After two months in which our strategic progress could be measured by growth outside Greater China, the second quarter saw an inevitable downturn, with like-for-like revenue less pass-through costs declining by 15%, albeit better than our expectations. Assuming there is no second wave nor major lockdowns, the second quarter is expected to be the toughest period of the year, although we remain cautious on the speed of recovery. Our strategic transformation remains on track but as COVID-19 accelerates the change in our sector, we are accelerating our plans. We continue to attract new talent, invest in technology and ecommerce, and train our people in the skills they need for the future, with more than 20,000 receiving accreditations from Adobe, Amazon, Facebook, Google and Salesforce this year. “We are working with our clients to help them get back to business, adapt their marketing strategies at speed and reshape their operations for a new world. Brands are seeing increases in online sales of 100% and more, and we are supporting eight of our top ten clients on ecommerce strategies. Our new business record is industry-leading, at $4 billion in the first half, including wins from Intel, HSBC and Unilever, and our pipeline remains strong. “With £4.7 billion of liquidity thanks to the Kantar transaction, and as we deliver against our cost savings targets, our financial position remains strong. As a result, we are able to return to paying our dividend, with an interim dividend of 10p for 2020. “I would like to thank our people around the world, the vast majority of whom have been working from home and have shown great creativity, agility and collective spirit to support our clients in challenging times.” Strategic progress, shareholder returns and outlook at WPP: <ul><li>Transformation delivering results: VMLY&amp;R and Wunderman Thompson our two best-performing integrated agencies </li><li>Strong new business performance, reflecting enhanced offer and improved collaboration </li><li>Continued recognition of creativity and effectiveness: Effies winner for ninth successive year; Cannes Lions Agency Holding Company of the Decade </li><li>2019 final dividend cancelled to support lower leverage; share buyback still under review but intention to restart when environment stabilises; 10p 2020 interim dividend declared </li><li>Current trading showing sequential improvement on Q2 but market remains volatile: July LFL revenue less pass-through costs -9.2%. US -6.1%, UK -10.5%, Germany -7.2%, Greater China -18.6%, India -15.5% </li><li>Full year 2020 LFL revenue less pass-through costs growth and headline operating margin expected to be within the range of analysts’ expectations</li><li>Capital markets event to update on strategic progress, long-term efficiency savings and capital allocation planned before 2020 year end</li></ul>

WPP registers a 25.1% fall in LFL revenue less pass-through costs in Q2 in India

<ul><li><keyword id="168456" type="COMPANY" weightage="20" keywordseo="WPP">WPP</keyword> has announced the merging of two of its leading agencies, <keyword id="613852" type="COMPANY" weightage="20" keywordseo="AKQA">AKQA</keyword> and <keyword id="22834" type="ORGANIZATION" weightage="20" keywordseo="Grey">Grey</keyword>, to form a new entity, AKQA Group.</li><li>Grey is renowned for creative storytelling and global brand-building at scale, while AKQA is celebrated for its world-class innovation and experience design skills.</li><li>The AKQA Group will have 6,000 people in more than 50 countries and a blue-chip client roster that includes more than half of the Fortune 500’s top 20.</li><li>AKQA founder <keyword id="1541608" type="PERSON" weightage="20" keywordseo="Ajaz-Ahmed">Ajaz Ahmed</keyword> and <keyword id="1274283" type="ORGANIZATION" weightage="20" keywordseo="Grey-Worldwide">Grey Worldwide</keyword> CEO <keyword id="3820685" type="PERSON" weightage="20" keywordseo="Michael-Houston">Michael Houston</keyword> will partner to lead the new Group. </li></ul>WPP’s AKQA and Grey are uniting to form a new network model, AKQA Group. Grey is renowned for creative storytelling and global brand-building at scale, while AKQA is celebrated for its world-class innovation and experience design skills. With heightened demand for digital transformation and technology-driven capabilities, the combination will create a powerful new proposition for clients as a leading creative solutions company with a worldwide footprint. The AKQA Group will have 6,000 people in more than 50 countries and a blue-chip client roster that includes more than half of the Fortune 500’s top 20. It will provide a full range of brand experience capabilities across all communications platforms, strengthening the skills and services of both companies for clients. AKQA founder Ajaz Ahmed and Grey Worldwide CEO Michael Houston will partner to lead the new Group. Ahmed will become Chief Executive Officer and Houston will become Global President and Chief Operating Officer of AKQA Group. The AKQA Group will launch with the AKQA and Grey brands, which will be integrated over time into a single company based on client and market needs. The management team and creative leadership will be announced in the coming weeks, comprising leaders from AKQA and Grey. AKQA and Grey have highly compatible creative cultures and share a common belief in the power of creativity. Between them they have won nearly 600 Cannes Lions in the last decade. The two agencies have complementary, non-competitive client rosters. The combined AKQA Group will have expertise in the media, entertainment and technology sectors as well as packaged goods, healthcare and financial services. Ajaz Ahmed said, “Our goal is to expand horizons, combining the curiosity, ambition, imagination and pioneering spirit of a startup with the reach of a global enterprise. This is an unparalleled opportunity for AKQA and Grey to bring our shared assets to life into a modern, creatively-led company, building upon our inspiring and useful work to create value for our clients, people and communities.” Michael Houston said, “This exciting new partnership begins with what consumers expect, clients value, and brands need. Forming a new company that can deliver culture-driving ideas through technology at speed and scale is a potent proposition for our clients, large and small, and will allow us to offer the most powerful creative solutions in the industry.” <keyword id="570483" type="PERSON" weightage="20" keywordseo="Mark-Read">Mark Read</keyword>, CEO of WPP, said, “Our clients want outstanding creativity, powered by technology expertise and delivered at a global scale. This new company is designed precisely to meet those needs and is another important step forward in building our future-facing offer for clients.” Grey, named one of Fast Company’s Most Innovative Companies, is trusted globally by clients from the fastest-growing startups to leading multinationals and government agencies. Over the past five years, the agency has received top industry accolades for creative effectiveness, including: Adweek Global Agency of the Year (twice), the Grand Effie, Effie Agency of the Year, and Cannes Lions International Festival of Creativity Agency of the Year with 395 Cannes Lions. Grey’s growing global Health &amp; Wellness practice counts many of the world’s largest pharma and health-related companies as clients. AKQA, recognised as a digital pioneer and a creative innovator, has won over 60 Agency of the Year awards; led Gartner’s independent evaluation of Global Marketing Agencies for three years in succession; led IDC’s quantitative and qualitative assessment of success in Customer Experience Design; won two Grand Prix at the most recent Cannes Lions International Festival of Creativity; been named by Fast Company as a Best Workplace for Innovators; and achieved a consistent track record of growth since its founding. The move follows the successful combination of other WPP agencies to create <keyword id="7067090" type="PERSON" weightage="20" keywordseo="Wunderman-Thompson">Wunderman Thompson</keyword>, VMLY&amp;R and BCW, which have been among WPP’s best-performing companies by addressing client needs for more integrated, creative and technology-driven solutions.

WPP merges 103-year-old Grey with AKQA to form a new network model, AKQA Group

<ul><li>The Connected Beauty Consumer Report, a report launched jointly by Google, <keyword id="1199021" type="ORGANIZATION" weightage="20" keywordseo="Kantar">Kantar</keyword> and WPP, shares insights to help brands navigate the fragmented consumer journey and understand what consumers expect from brands.</li><li>9 out of 10 beauty consumers today are influenced by digital. </li><li>The journey of a consumer in terms of awareness is shifting from TV to digital avenues, with 33% beauty consumers engaging digitally every day, 50% every week and 93% every month. </li><li>The report also stated that in India, Tier-1 and Tier-2 city consumers are fast catching up with their peers from the metros when it comes to purchasing personal care products. </li></ul> Google, Kantar and WPP today released a joint study on the beauty and personal care industry in India, with findings that showed a paradigm shift in how consumers shop, with increased digital influence, dynamic content, robust creator ecosystem and growing online sales. The Rs 730 billion beauty industry is slated to reach Rs 1.11 trillion in the next four years. The Connected Beauty Consumer Report shares insights to help brands navigate the fragmented consumer journey and understand what consumers expect from brands. Today’s beauty consumers are online for advice, ideas and inspiration, with 9 out of 10 beauty consumers influenced by digital. The journey of a consumer in terms of awareness is shifting from TV to digital avenues, with 33% beauty consumers engaging digitally every day, 50% every week and 93% every month. Buying beauty products in India has also become a video-centric affair with YouTube emerging as a beauty advisor and search as a discovery platform. Amongst consumers surveyed, 81% are engaging with beauty creators on YouTube and 26% have purchased a beauty product as a result of watching a beauty video on YouTube. The report found that over 50% beauty consumers are using social media and online videos, and 40% consumers use online search for research. 56% consumers use YouTube to compare and consider, while 30% reach their final decision through a mix of YouTube, Google Search and e-commerce websites. In India, Tier-1 and Tier-2 city consumers are fast catching up with their peers from the metros when it comes to purchasing personal care products. Tier-1 cities show similar engagement levels with digital touchpoints at 83% and Metros’ at 81%. However, price, benefits, comparison and recommendations stand at almost 60% overall. The study also found that gender divide is a myth, with both men and women showing similar interest and buying an average of nine beauty products every month. Speaking on the report’s insights, <keyword id="6513477" type="PERSON" weightage="20" keywordseo="kaushik-dasgupta">Kaushik Dasgupta</keyword>, Group Head, Insights &amp; Partnerships, <keyword id="45395" type="COMPANY" weightage="20" keywordseo="Google-India">Google India</keyword> said, “Digital consumption is at an all-time high in India, and people are spending an additional two-hours more online, per week. With multiple sources of discoverability and information research, the consumer purchase journey has become more complex but shopping has become more focused and personalised. We’ve also noticed that most of the purchase decisions take place in the discovery and understanding phase itself which now happens online. Even in the offline consumer journey, online plays a key role as research, comparisons and trends are searched online. Brands need to make it easy for consumers to access information, to facilitate purchase decisions and gain brand loyalty. Online touchpoints are growing disproportionately, and online video and social media are preferred over any offline medium for shortlisting brands today. <keyword id="904057" type="ORGANIZATION" weightage="20" keywordseo="CVL-Srinivas">CVL Srinivas</keyword>, Country Manager for India, WPP, said, “There are still untapped opportunities for beauty brands out there, from catering to different city audiences to leveraging varied consumer segments. Consumers count on trusted content and authentic personal advice to complete their buying journey and brands can thrive by owning that interaction. With creative online delivery, brands can recreate the best of offline moments. From 3Vs (Video, <keyword id="10215797" type="COMPANY" weightage="20" keywordseo="voice-and-vernacular">Voice and Vernacular</keyword>) to DTC interactive content, conversational commerce and more, smart investing in the right platforms ensures scaled outreach and strong engagement.” The report also captures the challenges that consumers face on their purchasing journey, with 21% facing difficulty in choosing the right product, while 24% find it hard to decide on a product without brand experience and 20% unable to envision how suitable a product is for them. Consumers are increasingly becoming more open to interacting with new technologies, with 67% beauty consumers interested in virtual reality, 64% inclined towards augmented reality and 69% keen on using voice assistants. New technologies can help brands meet buyers’ needs and provide a stronger user experience. Partnering with creators can also connect brands to consumers, as they get inspired, learn and buy based on recommendations. <keyword id="2632997" type="PERSON" weightage="20" keywordseo="Sushmita-Balasubramaniam">Sushmita Balasubramaniam</keyword>, Domain Lead for Commerce, South Asia, Kantar’s Insights Division, said, “Shoppers are in a mood to explore and experiment. The increasing comfort with digitalization has given them a sense of empowerment to be able to literally ‘go anywhere and look at anything’, in ways that are not possible in offline shopping. As a result, there has been discovery of new products and brands to suit their new lifestyles. Technology will need to be used to make their shopping journeys seamless and also finds ways of compensating the ‘touch – feel – try’ factor. For example, for makeup as a category, less informed consumers had the comfort of walking into stores with beauty advisors to educate and guide them. Online retailers will now have to use creative ways to guide consumers in this journey of discovery and education. Adoption of higher order technology, yet with the critical element of personalization will become a critical determinant to win.”

Both men and women buy an average of 9 beauty products every month: Report

<ul><li>The Effie Index identifies and ranks the most effective agencies, marketers, brands, networks, and holding companies by analyzing finalist and winner data from <keyword id="6983863" type="UNKNOWN" weightage="20" keywordseo="Effie-Award">Effie Award</keyword> competitions around the world.</li><li><keyword id="531122" type="COMPANY" weightage="20" keywordseo="Ogilvy-India">Ogilvy India</keyword> and <keyword id="137221" type="COMPANY" weightage="20" keywordseo="McCann-Worldgroup-India">McCann Worldgroup India</keyword> have been named as the second and third most effective agencies in the world in 2020 Effie Index. </li><li>Meanwhile, WPP named world’s most effective communications company for the ninth year in a row.</li></ul> Ogilvy India and McCann Worldgroup India have been named as the second and third most effective agencies in the world in 2020 Effie Index. Meanwhile, WPP named world’s most effective communications company for the ninth year in a row. The Effie Index identifies and ranks the most effective agencies, marketers, brands, networks, and holding companies by analyzing finalist and winner data from Effie Award competitions around the world. Along with Ogilvy India and McCann Worldgroup, other Indian agencies to make it to the list are DDB Mudra Group (18), <keyword id="9373248" type="COMPANY" weightage="20" keywordseo="the-womb-communications">The Womb Communications</keyword> (24), <keyword id="907986" type="PERSON" weightage="20" keywordseo="Mindshare-India">Mindshare India</keyword> (47) and Hindustan Unilever (77). The Womb Communications was the only agency to make it to the list of Most Effective Independent Agencies, at number 3. The top 10 most effective agency networks were McCann Worldgroup, Ogilvy, BBDO Worldwide, DDB Worldwide, TBWA\Worldwide, Wunderman Thompson, OMD, Grey Group, Publicis and Leo Burnett Worldwide. WPP was followed by Omnicom, Interpublic (IPG), Publicis Groupe and Dentsu in the Most Effective Agency Holding Groups list. Meanwhile, Coca-Cola, McDonald's, KFC, Vodafone and IKEA were named as the top 5 most effective brands. Speaking about the agency’s performance, <keyword id="6375200" type="UNKNOWN" weightage="20" keywordseo="PIYUSH-PANDEY">Piyush Pandey</keyword>, Chief Creative Officer Worldwide and Executive Chairman India, Ogilvy said, “It is yet another recognition of our continued belief in our founder David Ogilvy's words, 'we sell or else'. I am extremely proud of our clients and Team Ogilvy for winning us this recognition.” Mark Read, CEO of WPP, said, “Every day, our clients place their trust in us to deliver tangible results for their organisations. The Effies are a great endorsement of that trust, and I am delighted that WPP continues to set the standard for industry effectiveness. This award belongs to the thousands of individuals across WPP who harness the power of creativity to deliver ideas that achieve real business impact.”

Ogilvy India and McCann Worldgroup India bag second and third spot as Most Effective Agencies in 2020 Effie Index

Wall Street is still reacted to Sunday's Publicis-Omnicom merger by driving up stock prices for competing companies in speculation that a wave of M&amp;A might sweep the sector.
The merger has created a tier of two mammoth companies — <keyword id="1777424" type="UNKNOWN" weightage="60" keywordseo="Publicis-Omnicom-Groupe">Publicis Omnicom Groupe</keyword> and WPP — with a bunch of smaller, also-ran holding companies a long way behind them in size. <a href="http://adage.com/article/agency-news/interpublic-havas-mdc-shares-rise-publicis-omnicom-news/243366/">Many analysts see them as ripe for the picking.</a>
Interpublic and <keyword id="498769" type="PERSON" weightage="60" keywordseo="Havas">Havas</keyword>, for example, saw their highest figures in years.
Analysts told <a href="http://www.bloomberg.com/news/2013-07-29/interpublic-to-havas-in-play-on-ad-deal-fever-real-m-a.html">Bloomberg that the other large agencies like Havas, Aegis and Interpublic are now looking to consolidate as well</a>, which makes sense considering that they will have to compete with an entity which, given its scale, will get premium print, TV, and online rates. Bloomberg reports:
The marriage of <keyword id="137598" type="COMPANY" weightage="60" keywordseo="Publicis">Publicis</keyword> and <keyword id="197626" type="COMPANY" weightage="60" keywordseo="Omnicom">Omnicom</keyword> to become the world’s biggest agency may spur WPP Plc (WPP) to seek acquisitions of its own to regain its leading position in the industry, according to Bank of Montreal. Havas is one of the last available targets and could lure WPP, according to Natixis. A merger between Havas and Interpublic (IPG) is another possibility, said Liberum Capital Ltd., which also sees MDC Partners as a potential target.
Here's how things looked on Wall Street.
<h2>Omnicom</h2>
While interest peaked when the market opened, stocks dipped slightly below Friday's closing price by 0.6%. Its highest rise Monday was 8.3%.
<div class="image-container" style="width:600px"><div class="image">Omnicom Stock, Screengrab</div></div>
<h2>Publicis</h2>
The other entity in the merger saw a similar fate. At first traders were excited, with stocks rising as much as 6.6%, but come the end of the day everything fell flat.<div class="image-container" style="width:600px"><div class="image">Publicis Stock, Screengrab</div></div>
<h2>Interpublic</h2>
Interpublic was the true winner yesterday. The holding company closed at the highest it has been i<a href="http://www.bloomberg.com/news/2013-07-29/interpublic-to-havas-in-play-on-ad-deal-fever-real-m-a.html">n more than nine years</a> at $16.61. That's 4.7% up from the day before. The company's highest bump was 9.8%.
A note from CEO and chairman Michael Roth circulated to staff after the merger went public that stated, "“as this weekend’s surprising news shows, there’s no telling what might take place, but we don’t see the need for major M&amp;A to keep delivering on our plan to move Interpublic forward.” That doesn't shut down the possibility of an acquisition, which <a href="http://www.businessinsider.com/4-of-7-major-ad-agency-networks-are-now-acquisition-targets-2012-4">we noted might be a good move earlier this year.</a> MDC Partners is one potential target.
<h2><div class="image-container" style="width:600px"><div class="image">Interpublic Stock, Screengrab</div></div>Havas</h2>
Havas hit a 52-week high. It closed 4.6% up.
But CEO David Jones doesn't seem gung ho about M&amp;As any time soon. In fact, Jones came out very negatively regarding Publicis and Omnicom's decision to merge. ""I'm not sure this is in the best interests of their clients or their talent," <a href="http://www.businessinsider.com/havas-ceo-thinks-surprise-omnicom-publicis-merger-might-be-bad-for-clients-and-staff-2013-7">he said in a statement.</a> "Clients today want us to be faster, more agile, more nimble and more entrepreneurial, not bigger and more bureaucratic and more complex."
<a href="http://www.bloomberg.com/news/2013-07-29/interpublic-to-havas-in-play-on-ad-deal-fever-real-m-a.html">Jones reiterated to Bloomberg</a>, “We’re not interested in playing the bigger-is-better game.” Havas is significantly smaller than its competitors.
<div class="image-container" style="width:600px"><div class="image">Havas Stock, Screengrab</div></div>
<h2>MDC Partners</h2>
MDC Partners hit an all time high of $24.
<a href="http://www.businessinsider.com/deutsche-bank-says-mdc-partners-could-be-a-takeover-target-for-dentsu-2012-2">Deutsche Bank has said that the holding company is an acquisition target</a>, perhaps by Dentsu, on <a href="http://www.businessinsider.com/4-of-7-major-ad-agency-networks-are-now-acquisition-targets-2012-4?op=1">two separate occasions</a>. CEO Miles Nadal, who would get a <a href="http://www.sec.gov/Archives/edgar/data/876883/000114420411024516/v219260_def14a.htm">$15 million stock windfall if he ever sells</a>, teased <a href="http://www.bloomberg.com/news/2013-07-29/interpublic-to-havas-in-play-on-ad-deal-fever-real-m-a.html">future consolidations to Bloomberg.</a>
“Consolidation will continue to accelerate,” Nadal said. “We are a company whose control block remains in the hands of shareholders so I think, by definition, we are a company that anyone could bid for." Of course, he continued he doesn't have any short term plans.
<div class="image-container" style="width:600px"><div class="image">MDC Partners Stock, Screengrab</div></div>
<h2>WPP</h2>
WPP, which had its status as the largest holding company in the world snatched away come Sunday morning, had a far less exciting day. Though there were some spikes, as of this morning, stocks are down.
Size does matter for CEO <keyword id="172904" type="PERSON" weightage="60" keywordseo="Martin-Sorrell">Martin Sorrell</keyword>, who is <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;ved=0CC8QFjAA&amp;url=http%3A%2F%2Fadage.com%2Farticle%2Fadages%2Fmaurice-levy-martin-sorrell-escalate-rivalry%2F236630%2F&amp;ei=ot_3UbKaArS-4AP1-YCICA&amp;usg=AFQjCNE5cZz0jLImADASZiZGb9fYHKqUow&amp;sig2=H0x4lywGLFyTkKGXyeXdnA&amp;bvm=bv.49967636,d.dmg">known for his rivalry with Publicis CEO Maurice Levy</a>. And earlier this year, <a href="http://www.businessinsider.com/4-of-7-major-ad-agency-networks-are-now-acquisition-targets-2012-4">Business Insider's Jim Edwards noted</a>, "If either of the other Big 3 networks makes a deal to create a network bigger than WPP, Sorrell will be unlikely to sit idly by."
Now it's time to see what actually happens. Some analysts speculate Havas would be a good fit.
Sorrell has noted that while Publicis and Omnicom's merger is <a href="http://adage.com/article/news/sorrell-jones-nadal-publicis-omnicom-deal-implications/243351/">"bold" and "surprising,"</a> it will also cause Omnicom to "<a href="http://edition.cnn.com/2013/07/30/business/wpp-sorrell-publicis-omnicom-merger/?hpt=hp_bn1">throw out a lot of opportunities</a>" for the firm. Opportunities (aka clients) that WPP might be able to scoop up. <a href="http://edition.cnn.com/2013/07/30/business/wpp-sorrell-publicis-omnicom-merger/?hpt=hp_bn1">Sorrell told CNN</a>, "We've seen just in the first 24 hours a number of clients and talent are concerned about what this means for them. So there will be a reassessment."
<div class="image-container" style="width:600px"><div class="image">WPP Stock, Screengrab</div></div>

Advertising Stocks Heat Peaks In Anticipation Of More Mergers

Christian Alminana/Getty ImagesRevelations Entertainment CEO Lori McCreary speaks onstage during Cannes Lions 2019.<ul class="summary-list"><li>Advertising's biggest and most expensive event, the Cannes Lions Festival of Creativity, was postponed to October from June in response to the coronavirus outbreak.</li><li>Each of five biggest ad holding companies spends upward of $20 million on Cannes every year, but multiple sources told Business Insider they are leaning toward sitting 2020 out due to health and reputational concerns.</li><li>These people say agencies and Cannes parent company Ascential have been in talks that included the possibility of Cannes refunding fees.</li><li>Cannes Chairman Philip Thomas said Ascential is talking to all its customers and wants to present the awards show in some form this year.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>The Cannes Lions Festival of Creativity, advertising's most prestigious five-day awards show and conference, was postponed to October from June, the latest gathering to be scrapped or rescheduled in response to the spread of the coronavirus pandemic.But according to six people with direct knowledge of the matter, some of the largest ad agency holding companies told Cannes' parent company, Ascential plc, they planned to sit out the event, some citing health and reputational concerns, and that the awards should only happen virtually.These agencies, their clients, and tech companies like Facebook and Google spend tens of millions of dollars in Cannes every year on travel, lodging, award entry fees, and events that run around the official festival.Some people who spoke to Business Insider said they broached the topic of potential refunds with Ascential but there were no concrete proposals."We are in contact with all major customers more or less every day as things unfold," said Philip Thomas, president of Ascential's events division and chairman of the Cannes Lions. He said the company is listening to their points of view and assisting them with planning.Spokespeople for five big holding companies - WPP, Omnicom, Publicis Groupe, Dentsu, and IPG - either would not comment or did not respond to related requests, as did smaller competitors Havas and MDC Partners.<h2>Advertisers don't want to be seen partying on the French Riviera in a scary economic climate</h2>The sources, all of whom are known to Business Insider but requested anonymity to speak candidly, said the conversations, which involve all the major holding companies as well as top advertisers, remain in their early stages.The sources said at least three of the holding companies voiced frustration with what they perceived as Ascential's reluctance to consider cancelling this year's festival and reschedule it for 2021.One senior-level holding company executive said that, in addition to health concerns, agencies and advertisers won't want to be seen in the French Riviera after the belt-tightening that analysts foresee in the months ahead. Several agencies have <a href="https://digiday.com/marketing/anomaly-lays-off-22-employees-cuts-pay-due-coronavirus-impact/">already</a> laid <a href="https://adage.com/article/agency-news/giant-spoon-lays-20-percent-staff/2245566">off staff</a> as a <a href="https://www.adweek.com/agencyspy/agency-the-many-cuts-18-of-staff-calling-it-a-pivot-to-coronavirus-crisis-consulting/163100/">direct result</a> of budget cuts stemming from the coronavirus.The reputational risk may be especially steep for any executives in industries, such as travel and hospitality, that are in line to receive <a href="https://www.businessinsider.com/what-is-a-bailout-coronavirus-stimulus-package-explained-2020-3">multi-billion-dollar grants from the US government</a> as part of a coronavirus stimulus expected to pass Congress in the coming days.<h2>The five biggest ad holding companies each spend $20 million or more on Cannes every year</h2>Cannes is a big expense for marketers. Altogether, the five biggest ad holding companies each usually spend well over $20 million on Cannes every year.The first executive told Business Insider that 90% of his company's annual travel budget goes to Cannes.Another holding company executive said her company sends about 1,000 employees and spends between $4,000 and $5,000 for each individual five-day pass.These companies also own dozens of agencies, the largest of which can spend $1 million to $2 million on fees and production costs for the video case studies that every award entry requires. Some agencies have already put money down on hotel reservations, events, and awards submissions for Cannes. Sources said the holding companies have already begun seeking refunds from other vendors.The first executive said judges should give the awards virtually, as other ad industry awards, such as The One Show and Creative Week, have <a href="https://www.adweek.com/agencies/creative-week-and-the-one-show-awards-move-online-amid-coronavirus-fears/">recently planned.</a>One reason the recently-cancelled SXSW offered deferred payments instead of full refunds for festival passes was because its insurance plan <a href="https://www.wsj.com/articles/south-by-southwest-hit-hard-by-coronavirus-cancellation-11583711311">did not cover disease-related cancellations</a>. Business Insider was unable to determine the specifics of Ascential's financial constraints.<h2>Ascential still wants Cannes to happen in some form this year</h2>Thomas confirmed that Cannes recently extended by one month its submission dates and eligibility deadlines, or the dates by which ad campaigns must have originally run in order to qualify for various awards. He said Ascential wants to find a way to present the Cannes Lions in some form this year, saying, "The world needs creative inspiration now more than ever."The only certainty at this time is that the event, like so many others, will be dramatically changed by COVID-19.Get the latest <a href="/coronavirus-covid19">coronavirus analysis and research</a> from Business Insider Intelligence on how COVID-19 is impacting businesses. <h3>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-anxiety-therapy-advice-self-care-2020-3">Why you shouldn't judge yourself for having coronavirus anxiety, according to a therapist</a></h3>

The Cannes Lions ad festival was postponed over the coronavirus, but advertisers may sit it out anyway, and millions of dollars are at stake

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Getty/Michael KovacSnapchat CEO Evan Spiegel.</div></div></div>Good morning. Here's everything you need to know in the world of <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> today.1.<a href="http://www.recode.net/2016/12/19/14010630/snap-flite-ad-tech-aquisition"> Snapchat's parent company Snap Inc. has acquired ad tech company Flite.</a> Recode reports that it was likely more about bringing in ad tech talent than any specific technology itself.2. <a href="http://www.wsj.com/articles/wpp-subpoenaed-by-justice-department-in-ad-industry-probe-1482162493">WPP PLC is the latest to disclose that it has been contacted by the U.S. Department of Justice in its investigation into TV ad production bid rigging, The Wall Street Journal reports. </a> The advertising holding company said three of its subsidiaries have received subpoenas.3. <a href="https://techcrunch.com/2016/12/19/messenger-group-video-chat/">Facebook launched six-way video calling for Messenger.</a> Six people can appear on screen, while 50 people can listen in.4. <a href="http://uk.businessinsider.com/google-algorithm-solutions-fake-news-holocaust-denial-2016-12">Insiders at Google are "disturbed" by its Holocaust search results, and now they're doing something about it.</a> After meeting with Google insiders, search expert Danny Sullivan reports the most detailed account we've seen yet on the internal reaction to the issues.5. <a href="http://uk.businessinsider.com/germany-fining-facebook-500000-fake-news-posts-zuckerberg-2016-12">Germany is thinking about fining Facebook over "fake news" posts.</a> Politicians are considering fining Facebook a whopping €500,000 (£420,000) for each offending post it fails to take down within 24 hours.6. <a href="https://www.buzzfeed.com/alexkantrowitz/twitter-tests-breaking-news-push-notifications?utm_term=.jgDYJY1Pd#.jaNywy0JV">Twitter is testing push notifications for breaking news.</a> It confirmed that it's testing notifications about content on the site.7. <a href="http://marketingland.com/walmarts-2016-holiday-videos-youtube-earned-75m-views-far-brand-201262?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=feed-main">Walmart's 2016 holiday videos on YouTube have earned over 75 million views, Marketing Land reports. </a>It's far more than any other brand.8. <a href="http://www.mediapost.com/publications/article/291385/pew-despite-surge-most-prefer-real-stores-to-e-c.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+search-marketing-daily+%28MediaPost+%7C+Search+Marketing+Daily%29">New research from the Pew Research Center reports that most people still prefer shopping in physical stores, MediaPost reports.</a> This is despite the fact that nearly four out of five Americans are online shoppers.9. <a href="http://adage.com/article/media/casey-affleck-snl-realest-dunkin-donuts-ad/307215/">Casey Affleck and Saturday Night Live have created a Dunkin' Donuts ad.</a> Ad Age reports that the commercial parody starring Affleck is the "realest and funniest Dunkin' Donuts ad ever."10. <a href="http://adage.com/article/media/time-s-essence-debuts-snapchat-discover-channel/307216/">Essence and Snapchat have launched a third pop-up discover channel, Ad Age reports.</a> The partnership could help Snapchat appeal to more diverse audiences to reach African-Americans and Hispanics. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/clear-iphone-space-storage-video-2016-12">The best way to clear out a ton of space on your iPhone superfast</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5qcmxndToofREk2JFghn1wjMFTZOXP_E" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The 10 things in advertising you need to know today

<div class="image-container float_right click-to-enlarge"><div class="image"><a title_source="Publicis groupe / YouTube" title_caption="Publicis CEO Maurice Levy" class="zoomin" href="http://static4.businessinsider.com/image/51f2e91f6bb3f77a7500000b-960/maurice-levy-8.jpg"></a>Publicis groupe / YouTubePublicis CEO Maurice Levy</div></div>Omnicom and Publicis, two of the largest ad agency holding companies, are in late stage talks for a friendly merger of equals.
Bloomberg <a href="http://www.bloomberg.com/news/2013-07-26/publicis-said-in-late-stage-talks-on-merger-with-omnicom-1-.html">has the story</a>.
If consummated, the merger would achive two major milestones:
1. It would solve the retirement problem of Publicis CEO Maurice Levy, who has been wanting to leave his job for several years but has been persuaded to stay on by his board.
2. It would create a single ad company even larger than that of WPP, headed by CEO Martin Sorrell.
<a href="http://www.businessinsider.com/report-omnicom-and-publicis-are-in-talks-to-merge-2013-7">Click here</a> to update this story.
Bloomberg reports:
The deal would be a merger of equals, said the person, who asked not to be named because the deliberations are private. Combined, Paris-based Publicis and New York-based Omnicom would be the largest <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising">advertising</keyword> company in the world, topping current leader WPP (WPP) Plc. The talks could still collapse.

REPORT: Omnicom And Publicis Are In Talks To Merge

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Fesus Robert/Shutterstock</div></div></div>Goldman Sachs acted "like a swam" on a Libyan sovereign wealth fund client, a witness in a dispute between the bank and the Libyan Investment Authority, told a London court on Thursday.The bank presented different teams and products to the LIA in 2007 "one after the other and almost relentlessly," Ali Jallal Baruni, a consultant for the LIA, said in a witness statement distributed to journalists.Baruni claimed Goldman Sachs even introduced the son of Sir Martin Sorrell, CEO of advertising giant WPP, as part of the team."I felt almost under attack as different Goldman Sachs teams and products were presented to me, one after the other and almost relentlessly, without me even being given the opportunity to ask questions or reflect on them," Baruni said in the statement."I believe I told the Goldman Sachs representatives (who included Mr Lalou, Mr Murgian and someone who was introduced to me as the son of Martin Sorrell (the well-known CEO of WPP plc), as well as others that I felt inundated by the experience," he said in the statement made earlier this year and referred to in court on Thursday."If I felt like that, with my experience, I cannot imagine what much younger and less experienced LIA employees would have thought," he said. Baruni said that LIA staff were "snowed" and "very impressed" by hospitality laid on by the bank, which included flights on private jets.The Libyan Investment Authority is claiming it lost more than $1 billion (£750 million) on nine trades executed by Goldman Sachs in 2008 on banks such as Citigroup and UniCredit, as well as the French company EDF.The bank made more than $200 million in profit on the trades, exploiting the LIA's relative financial naivety, according to the LIA's lawyers.Goldman Sachs has said it would defend against the claims "vigorously," calling them "without merit."<div class="KonaFilter image-container display-table float_left"><div><div class="image on-image">Thomson ReutersGoldman Sachs sign is seen above floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York</div></div></div>Baruni was cross-examined in court by Robert Miles, a lawyer for Goldman Sachs and challenged on his assertion that senior members of the LIA were "very unsophisticated" in finance and investment.Miles took Baruni through the work experience of Mohammed Layas, the executive director of the LIA. Baruni called Layas "very unsophisticated in investment," in his statement. "So far as I was aware, he had zero experience, understanding or sophistication when it came to derivative products," Baruni said. Layas held senior positions in international bank, Miles said, and that Baruni's evidence was skewed by his bias towards helping LIA win the court dispute, rather than a real assessment of Layas's financial experience. "In the light of all this, do you still wish to maintain that he was financially illiterate? You have no basis for that, it is pure advocacy," Miles said.The court heard on Tuesday that Goldman Sachs became close to the LIA after Kabbaj, a former Goldman Sachs sales employee, was embedded within the organisation in 2007. Kabbaj befriended Haitem Zarti, the younger brother of a senior LIA official.Zarti was taken on holiday to Morocco and to a conference Dubai, where Kabbaj allegedly paid for business-class flights and five-star hotel rooms and, according to the LIA lawyers, procured prostitutes for them both. Zarti was also granted a coveted internship at the bank.The court heard claims that Kabbaj exchanged texts with a prostitute, known as Michella, to organise entertainment for him and Zarti in Dubai in February 2008, according to LIA's lawyers.The LIA was set up in 2006 to invest Libya's oil wealth internationally. The organisation claimed Goldman Sachs took advantage of the low level of financial literacy of LIA staff and suggested large and risky trades that led to heavy losses for it and profits for the bank.Lawyers for Goldman Sachs, responding to the claims on Tuesday, said that the LIA was suffering from "buyers remorse," <a href="http://www.bloomberg.com/news/articles/2016-06-14/goldman-says-libya-suffering-from-buyers-remorse-over-bad-trades">according to a report by Bloomberg News</a>, and that the bank wasn't responsible for the losses, which happened amid the 2008 credit crunch and financial crisis.The trial is scheduled to last for seven weeks. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hugh-hefner-son-cooper-playboy-mansion-sale-2016-6">Hugh Hefner's son reacts to the sale of the Playboy Mansion</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="A3aWwwNDE6JhQ99gtsV_5KWDFsTjBJld" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Goldman Sachs was like a 'swarm' on Libyan wealth fund client, court told

Almost 200 top business leaders signed a letter calling for Britain to stay in the EU

<div class="KonaFilter image-container float_right"><div class="image">REUTERS / Gus RuelasRupert Murdoch, April 29, 2013.</div></div>It was Wednesday, November 10, 2004, 7:30 a.m. in London, England.
Alone, bleary-eyed and mainlining coffee, I'm seated at a table in <a href="http://www.onealdwych.com/food-drink/indigo" target="_blank">Indigo Restaurant</a>, within the confines of the very shi-shi <a href="http://www.onealdwych.com/home" target="_blank">One Aldwych Hotel</a>. I'd arrived from New York the day before and would be doing the reverse commute the day after.
The purpose of my trip was a pending daylong <a href="http://www.crunchbase.com/company/ebookers-plc" target="_blank">ebookers plc </a>board meeting - at that time a publically listed company whose <a href="http://bestinvest.uk-wire.com/Article.aspx?id=20040714070000PA758" target="_blank">board I sat on</a> and were the ones kind enough to put me up at this trendy hotel. In July, a decision had been made to sell the company. Today, investment bankers from Credit Suisse were going to walk us through the various suitors' offers. The company's CFO was picking me up in the hotel lobby around 8:30 a.m.
Half glancing at the Financial Times, half trying to pull it together - the afte-reffect of a late night emptying wine bottles with an old colleague from <a href="http://investing.businessweek.com/research/stocks/people/person.asp?personId=216301&amp;ticker=DHX" target="_blank">my early-1990's WPP days</a> - I'm jolted by some rather spirited political chatter at the next table. I lift my throbbing noggin and look over towards the debate. Zeroing-in and shaking the cobwebs, "Holy crap, Rupert Murdoch and a few of his lieutenants, shooting the morning breeze."
Going from groggy to wide-eyed in a flash, I'm thinking, "How fortuitous … hold on, run the checklist:
· When opportunity arises seize it - This is that.
· No gods, only people, on earth - Amen.
· Approach only if having something to offer - Big time.
· You don't know if you don't ask - A rare hold back.
· Don't interrupt - Damn!!!
· There's always a way - Exit stage left, Plan B time."
The serendipity of the situation was uncanny. I'd recently heard from a friend on Wall Street that Murdoch had said in a meeting, with News Corp. investors, that he had looked at buying Monster Worldwide - my former employer - but its CEO &amp; Control Shareholder, Andy McKelvey, <a href="http://www.hrotoday.com/news/2928/monstercom-could-be-takeover-target-according-barrons" target="_blank">wasn't selling</a>. No doubt easy for Rupert to understand as he was <a href="http://usatoday30.usatoday.com/money/media/2004-11-05-malone_x.htm" target="_blank">ensconced similarly</a> at the much larger News Corp.
Meanwhile, no one wanted Monster sold more than me. Despite <a href="http://m.clickz.com/clickz/news/1712164/tmp-president-coo-jim-treacy-steps-down" target="_blank">quitting in 2002</a> - <a href="http://money.cnn.com/magazines/fortune/fortune_archive/2003/12/22/356100/" target="_blank">over strategic, governance, and morality differences</a> with McKelvey - I was still Monster's second largest individual shareholder. I couldn't bring myself to sell at share values depressed by managerial ineptitude - a long-running battle line between McKelvey and me. I'd been trying to get him to resign or <a href="http://online.wsj.com/news/articles/SB109293968673996221" target="_blank">auction off the then very valuable banana republic</a> for at least five years.
When I first heard of Murdoch's interest in Monster I wrote to McKelvey (and his board) to put him on notice, including the additive phrase also attributed to Murdoch about Monster, there would be a lot of buyers." 
Now was my chance to validate Murdoch's interest and offer some insights. Looking at my watch, now about 8:15 a.m., I calmly motioned for the check, signed-off, packed-up, and headed for the elevator. Plan B? Back up to my room before going down to the lobby. Once in my room, I dropped my bag, plopped down at the desk and rifled through the drawers in search of the standard-issue hotel stationary. I began writing under the One Aldwych letterhead, something like:
Dear Rupert, 
I saw you and your team dining this morning but didn't want to disturb you I've heard rumor that you might be interested in Monster Worldwide and were put off. I'm their former President/COO and, as far as I know, still their second largest individual shareholder - albeit diminutively so, in comparison to Andy McKelvey's stake. 
From my perspective, Monster is stewarded rather poorly and would be a perfect fit inside News Corp. for a variety of reasons… both large organic growth and expense-reduction opportunities…etc. … If this is of any interest to you I'd be more than happy to sit down and explore it sometime. If not, please forgive the intrusion… I'm in board meetings all day and head back to the United States tomorrow but you can always reach me at XXX-YYY-ZZZZ and/or <a href="mailto:JJTXXX@YYYZZZ.com" target="_blank">JJTXXX@YYYZZZ.com</a>
Best, 
Jim Treacy
I folded the note up, sealed it in a One Aldwych envelope and wrote on it, "RUPERT MURDOCH - PRIVATE &amp; CONFIDENTIAL. " Note in one hand, I grabbed my bag with the other and raced for the elevator - leaving my overcoat behind, thank goodness for a day of door-to-door car rides.
The elevator opened and I leapt into the lobby, aware that I was a bit late. The first thing I see is <a href="http://breakingtravelnews.mobi/news/article/btn20040525150942682" target="_blank">ebookers' CFO, Michael Healy</a>, smiling at me. After greetings, a quick apology, and Michael's assuring me that we had more than enough time to arrive promptly for the board meeting, I asked for his indulgence for just another moment.
Zipping over to the hotel bellman: "Excuse me…good morning…I saw Rupert Murdoch upstairs at breakfast…I have no idea if he's staying here, checked-out, whatever and I know you certainly aren't allowed to tell me but if you would just do me this favor…" - handing him both the envelope I marked for Rupert and a twenty pound note - "…if he is staying here and not already left can you see that he gets this…if he's not, or you cannot, no worries, just toss the note after I leave…thank you…enjoy your day…"
High-stepping back to Michael, jogging out the lobby door, hopping into his car and off to the board meeting.
The board presentations began around 9:30 a.m. and went into the early evening - a long grueling day reviewing each of the proposals, contemplating the impacts of each on the various stakeholders (shareholders, clients, users, employees), agreeing a course of action, etc. Toss-in my minimal sleep, aching head and tuning in to fast-moving British accents, I was ready to hit the hay. But Michael and the investment bankers would have none of it. It was a hugely productive day and they were insistent on entertaining the board's lone Yank. Who could refuse such hospitality?
Needless to say, they took me to a terrific restaurant. We had a sumptuous meal and the wine was flowing. Good company, fine food, some hair of the dog that bit me.
Feeling no pain <a href="http://www.wunderground.com/history/airport/EGLL/2004/11/10/DailyHistory.html?req_city=NA&amp;req_state=NA&amp;req_statename=NA" target="_blank">or chill</a>, despite no overcoat, I poured myself into a cab, at roughly midnight, for the trip back to One Aldwych and a much-needed repose, collapse perhaps a better description. On the ride back all I was thinking is "thank god I have nothing to do tomorrow but make an early afternoon plane, I can sleep-in."
R-I-N-G - R-I-N-G - R-I-N-G - WTF??? Where am I? Oh yeah. Reaching for the phone, noting the clock, 6:15 AM, "Who's calling me at 6:15 a.m.?" Looking around, jacket and shoes on the floor, shirt and suit pants still on, prone on top of the turndown service, oh boy… Hoarsely, "Hello?"
"Good morning, Jim. Is it you?"
"Who is this?"
"It's RUPERT! I got your note. Can we meet for breakfast in a half hour?"
"Holy crap, again…he got the note, bless the bellman…this guy wastes no time if he has an interest…now what do I do…no way can I do this in a half hour…serious bedhead, stubble... must shower, shave, search for unwrinkled clothes…besides never good to look too eager…Rupert, I'm sorry but I had a few crazy nights here and don't think I can make it in a half hour…"
Chuckling, "Okay, Jim … I have a full schedule, was just trying to fit this in while we were both still here … I'll get in touch with you when I'm back in the States … We can arrange a time to meet then … All right?"
"That would be great, Rupert…I'd look forward to that and am happy to travel to you at a place and time of your convenience…"
We finished-up and I'm thinking, "Hope he means it, damn wine…" Then I drifted back off to sleep - under the sheets.
So how did this all end up? Board meeting success and checklist validation!:
· On Thursday, December 2nd ebookers was <a href="http://www.theregister.co.uk/2004/12/02/cendant_ebookers/" target="_blank">sold for a handsome price</a>. Today it is<a href="http://en.m.wikipedia.org/wiki/Ebookers.com" target="_blank"> part of Orbitz Worldwide</a> (NYSE: OWW).
· I'd put Rupert out of my consciousness, figuring I blew it and he had moved on. Then on Monday, December 6th, the phone in my den office rang. I picked it up, "Jim? Is that you? It's RUPERT!" Love how he dials himself, here a man after my own heart.
· So on Wednesday, December 8, 2004, Rupert Murdoch, his son, <a href="http://www.nytimes.com/2005/08/01/business/media/01murdoch.html?pagewanted=all&amp;_r=0" target="_blank">Lachlan,</a> and I sat down together in his <a href="http://newscorp.com/press-room/general-inquiries/" target="_blank">1211 Avenue of the Americas office</a>, for a lively, almost two-hour, meeting.
In the broader sense, as in whereto from here? Let's leave it at a long story, with many episodes. There are many moving parts and consequence to all battles. For another time...
Follow Jim Treacy on <a href="http://www.businessinsider.com/lunch-with-mark-zuckerberg-2014-3" target="_blank">Twitter</a>: <a href="http://www.twitter.com/jimtreacy" target="_blank">www.twitter.com/jimtreacy</a>

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