After Omnicom–IPG mega merger, industry eyes possible WPP–Havas tie-up

The global advertising and marketing services industry, already roiled by the blockbuster Omnicom–Interpublic Group (IPG) merger, may be on the cusp of another consolidation wave. Early-stage discussions or exploratory thinking around a potential combination or partnership between WPP and Havas are underway, according to media report, signalling that the world’s largest holding groups are reassessing scale, structure and capital strategies amid industry headwinds.

Two people with direct knowledge of the situation told Ad Age that “serious talks” have been floated between the two companies, even as another source insisted that WPP has not formally engaged with Havas. Several executives aware of the discussions said Havas is evaluating options to raise capital—possibly including private equity involvement—to understand what a viable deal structure might look like.

Both companies have publicly declined to comment, with WPP reiterating its long-standing stance of not responding to market speculation.

If such a transaction were to materialise, a WPP–Havas tie-up would create the world’s second-largest advertising holding group by revenue—behind only the combined Omnicom–IPG entity, which is expected to close its merger later this month. The rapid reshaping of the global agency landscape underscores how competitive pressures, slowing growth in traditional advertising, and the high cost of technology investments are forcing large networks to explore scale-driven opportunities.

The renewed interest around Havas follows its December 2024 spin-off from French media conglomerate Vivendi. With shareholders approving the break-up late last year—based on Vivendi’s April 2024 disclosures—Havas has begun operating as an independent, publicly traded French communications group headquartered in Puteaux. The move has given the company greater flexibility to pursue partnerships or structural deals that might have been more difficult under Vivendi’s umbrella.

Since the listing, Havas has shown clear interest in exploring alliances across the industry. During its October earnings call, François Laroze, Havas’ Chief Financial Officer and Chief Operating Officer, said the company “would consider” a strategic partnership or transaction with Japan-based Dentsu. The company has also recently launched a joint venture with Horizon Media, signalling a willingness to expand selectively through collaborative structures.

For WPP, any large-scale acquisition would come at a delicate time. CEO Cindy Rose, who took charge on September 1, has spoken openly about the need to simplify WPP’s sprawling portfolio, streamline operations, and sharpen its value proposition to clients. Analysts say a merger with Havas could potentially bolster capabilities, geographic footprint and investor sentiment.

But industry watchers caution that WPP’s financial position could complicate any ambitious move. The UK-based holding company cut its full-year organic revenue outlook and posted a weak third quarter in late October. It is also facing intense scrutiny from investors after its share price fell more than 60% since the start of 2025, sliding earlier this month to its lowest point since 1998.

These pressures make a major acquisition difficult to finance without significant restructuring or external capital. Still, some analysts argue that a transformational deal could help reposition WPP at a time when the biggest agency groups are seeking scale, data assets and integrated delivery models to compete with consulting firms and tech platforms.

With Omnicom and IPG setting off a new round of consolidation, the question now is whether WPP and Havas will take the next bold step—or whether the industry’s heightened deal chatter will fade as quickly as it emerged.