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In a sector buzzing with transformation, the Indian advertising industry is witnessing a new wave of consolidation—and one of its biggest headlines could be the potential acquisition of Madison World. At the center of this speculation is French multinational Havas, led by its CEO and Chairman Yannick Bolloré, who recently reaffirmed the company's aggressive acquisition strategy.

Speaking at Storyboard18’s Marquee Nights, Bolloré said, “We consolidated a lot in India. We grew through acquisitions—five to six in the last eight years,” he noted during a fireside chat. “We will continue to develop this acquisitive strategy. What’s important for us is to create a unified culture at Havas—something that sets us apart from our peers.”

The timing of Bolloré’s remarks is telling. Storyboard18 has reported that both Havas and Publicis Groupe are in the final stages of bidding for a 70% stake in Madison World, one of India’s most iconic independent agencies. A private equity player is also in the running, raising the stakes in what’s shaping up to be a fiercely contested deal. The valuation? A significant ₹1,000 crore.

Bolloré positioned Havas as a “challenger” brand—an identity he believes energizes both clients and employees. “Some of our clients, who are leaders in their industries, describe themselves as challengers. That energy is what drives us,” he explained. “If I were a CEO of any company in India, I would choose Havas. It’s the most integrated group in the industry.”

According to Bolloré, Havas’ strength lies not just in its scale but in its speed. “Our scale allows us to move faster than our competitors,” he said, attributing the company’s recent success to this agility and its tightly integrated operations under Havas.

The potential acquisition of Madison World marks a pivotal moment for the agency founded over three decades ago by advertising veteran Sam Balsara. According to industry insiders, a combination of client attrition and changing market dynamics may have prompted Balsara to finally consider letting go of majority control.

Multiple anchor clients like Godrej Consumer, Raymond and recently McDonald's may have opened a window for serious negotiations.

“Having a banker in the mix typically indicates that the seller is formalizing the process,” noted a Mumbai-based M&A expert.

Madison isn’t just another acquisition target. It’s one of the last major independent agencies in India—a rarity in today’s landscape. “Scarcity creates a premium,” said Kaushal Shah, Partner, Media and Entertainment at EY India. “Madison is right at the top of that list.”

“Sellers - often independent agencies - are struggling to scale. Meanwhile, buyers are chasing integrated capabilities in a sluggish market. Clients now demand a seamless blend of creative, tech, data, and AI, which many smaller players can’t provide independently,” Shah explained.

He also noted that independent mid-to-large agencies in India are becoming a rare breed, making them highly attractive acquisition targets. “Scarcity creates a premium, and Madison is right at the top of that list.”

A senior executive familiar with the deal added, “This isn’t a distress sale. It’s a strategic repositioning. Madison is among the last major independent agencies in India, and naturally a hot acquisition target.”

Havas’ interest in Madison underscores a larger industry trend: big players hunting for integrated capabilities in a market where clients now demand creative, tech, data, and AI—all rolled into one. Smaller agencies, even those with strong legacies, are struggling to scale fast enough to meet these demands.

While Havas and Publicis Groupe appear to be leading the race, several global firms are reportedly circling. Names like Accenture Song and Stagwell Inc. have surfaced in agency corridors, although some observers remain skeptical about their appetite for legacy creative shops. “Consultancies tend to favor tech and data platforms,” said one executive. “Continuity and culture could be sticking points in a Madison deal.”

Typical deals in this space fetch multiples of 8x to 12x PBT (Profit Before Tax), often with performance-based earn-outs over 2–3 years. The valuation math could work out favorably for both parties—especially if the acquiring group, like Havas, can successfully integrate Madison into its existing operations without diluting its core strengths.

This potential deal is part of a larger trend of consolidation reshaping Indian advertising. In recent months, Liqvd Asia acquired performance marketing agency AdLift for ₹50 crore, and Pressman Advertising merged with Signpost India—moves that underscore the growing need to blend traditional strengths with digital capabilities.

Should Havas succeed in acquiring Madison, it would represent the company’s largest India investment yet and a major leap in its efforts to dominate the market. More importantly, it could mark the end of an era for Madison as one of the last major independent agencies standing.

Havas Chairman and CEO Yannick Bolloré signals expansion in India, all eyes on Madison World

Amidst the broader wave of consolidation in the Indian advertising industry, and speculation of Madison World selling 70% stake, Havas CEO and Chairman Yannick Bolloré recently reaffirmed the company’s commitment to its acquisition-led growth strategy.

“We consolidated a lot in India. We grew through acquisitions—five to six in the last eight years,” Bolloré said during a fireside chat at Storyboard18 Marquee Nights. “We will continue to develop this acquisitive strategy. What’s important for us is to create a unified culture at Havas—something that sets us apart from our peers.”

His comments hold significance as Storyboard18 earlier reported that Havas and fellow French multinational Publicis Groupe are in the final stages of bidding for a 70% stake in the homegrown agency, Madison World. Industry insiders revealed to Storyboard18 exclusively that a private equity player is also in the race, signaling just how coveted Madison is. Names of global consultancies and networks such as Accenture and Stagwell Inc have popped in agency corridors. The deal is expected to peg the company’s valuation at around ₹1,000 crore.

Read more: <a href="https://www.storyboard18.com/brand-makers/race-for-madison-private-equity-firm-in-play-banker-on-board-bid-to-acquire-madison-heats-up-67585.htm">Race for Madison: Private Equity firm in play. Banker on board. Bid to acquire Madison heats up</a>


Founded in 1988 by Sam Balsara, Madison World has steadily evolved from a traditional media agency into a diversified advertising behemoth. With business verticals spanning media, creative, PR, digital, outdoor, mobile, sports, and influencer marketing, it has long been seen as a full-service powerhouse. Selling majority of its stake, could redefine the contours of India’s advertising landscape.

At the event, Bolloré emphasized Havas' positioning as a "challenger" brand, a trait he believes resonates with both clients and employees. “Some of our clients, who are leaders in their industries, describe themselves as challengers. That energy is what drives us. Havas culture is great, and everything we’ve built in India is great. We have the scale now to truly compete.”

"Havas' culture is great. Everything we have built in India is great. So for now, I really believe that we have the great scale to compete. Even maybe the best scale, I told someone earlier today, if I were a CEO of any company in India, I would choose Havas as a company to work with. Havas is for me the best company in terms of point of reference. It's the most integrated group in the industry." 

Bolloré noted that Havas’ scale enables it to move faster than competitors and cited this agility as a key reason behind the company’s recent success.


Read more:<a href="https://www.storyboard18.com/brand-makers/its-a-big-bet-to-kill-legacy-brands-havas-yannick-bollore-on-why-brand-heritage-still-matters-68522.htm"> "It’s a big bet to kill legacy brands": Havas' Yannick Bolloré on why brand heritage still matters</a>


Havas recently announced a strong performance in the first quarter of 2025, posting organic net revenue growth of 2.1%. The company’s revenue rose to €676 million from €649 million in the same period last year. Total growth reached 5.2%, reflecting the combined impact of acquisitions and favorable currency movements.

North America and Latin America were standout performers, with Bolloré crediting “business momentum and the company’s acquisition strategy” for the growth. The APAC and Africa regions posted a solid 1.9% year-on-year organic revenue increase, led by Havas Media. Latin America delivered an impressive 16.6% growth in the quarter, driven by double-digit gains in both Havas Creative and Havas Media.

Yannick Bolloré, Chairman and CEO of Havas, during a candid rapid-fire round at Storyboard18 Marquee Nights revealed not only his humor and warmth but also his deep-rooted values in leadership, culture, and creativity. From lighthearted choices about French pastries to reflections on business legacies, Bolloré’s responses painted a portrait of a leader grounded in authenticity and long-term vision.

When asked about his thoughts on Prime Minister Narendra Modi, Bolloré said, "Huge admiration for PM Modi. I remember that he (Modi) visited Paris in July and he has great relationship with my France President President Emmanuel Macron. French people love Indian people. So, we love everything about India, starting with the people, news and programs." He further said, "If i meet PM Modi i will ask him how he manages the pressure of being a leader of a 1.5 billion people." 

During the rapid fire chat Bolloré’s loyalty to the French baguette was unwavering. Presented with a string of playful choices, he didn’t hesitate: “For me—I mean, my wife is here—it’s an easy one. It’s baguette.” Even when pitted against macarons or pain au chocolat, his answer remained consistent: “Controversy, but I pick steak with baguette.” The baguette, it seems, is more than just food—it's a cultural anchor.

Asked to describe French culture in one word, he reflected, “I’m hesitating between two words. The first one being refinement. French culture is a lot about refinement.” But he expanded beyond that. “What strikes me the most about French brands is how they manage to create desire. French brands are very good at creating desire from the rest of the world—brands or craftsmanship—the desire.”

When it comes to underrated French destinations, Bolloré highlighted his home region: “I would say now, my own city—Brittany, on the west of France. Next time you come to France, it’s very underrated, but we have beautiful culture, beautiful landscapes.”

He didn’t shy away from playful honesty either. When asked about something French people secretly love but won’t admit, he laughed: “That’s an easy one. French people, they love to complain. Always complaining. There is a famous French writer who wrote, ‘French people are living in paradise, but they believe they are living in hell.’ That’s French people.”

Bolloré spoke warmly about India, where Havas has a strong presence. When asked what English tradition he wished the French would adopt, he replied, “A lot. Maybe the namaste—that would be very joyful and enriching.”

On Indian cuisine, he admitted, “I love it, but my stomach doesn’t love it that much, but I love it.”

Reflecting on the strengths of his Indian colleagues and partners, he shared a deeper lesson: “I would say the great lesson from India is patience. You have to be patient. You have to build a relationship, long-term. But then, 70% of our clients today have been with us for more than 10 years. It’s a relationship not for life, but for decades.”

In assigning superhero personas to his peers, Bolloré called Rana (Rana Barua, the Group CEO of Havas India) a “madman,” noting “he likes to think big in shadow and never try to fix everything.” For Mohit (Mohit Joshi, Chief Executive Officer, Havas Media), he mused, “I’m not sure he exists, but I’m going to say Captain Indian. He’s like an Indian version of Captain America.”

Asked to name a French business leader he admired, his answer was personal: “If I just had to pick one, it would be my dad. He was an amazing leader… He created one of the largest groups in the world.” What he admired most was his father’s management of human relationships: “He is very loyal to his people, which means that people are very loyal to him. It’s not about having the best individuals… it’s having the best collective.”

To illustrate that point, Bolloré offered an analogy close to his heart. A fan of Paris Saint-Germain, he recounted how the team, once filled with star players like Neymar and Mbappé, had failed to win the Champions League. This year, a team of unknown, younger players won 5-0. “It’s the strength of the collective. It’s even more important than the quality of the individual.”

Looking ahead to Havas’ 200th anniversary in 2035, Bolloré said, “I hope—maybe it’s a bit arrogant—but I hope that this group will still be alive. It will still exist, not as it is, because the world will change, of course. But I hope that me and my successor will have the courage and the vision to adapt.”

He’s one of the longest-serving CEOs in the advertising industry, and he takes that responsibility seriously: “I think I’m even a better CEO today than when I was 12 years ago. What’s important is to leave the group in a better shape than when I took over.” His vision isn’t about scale but culture. “I would love this group to remain as it is today—caring for each other, being maybe smarter than the opposition… Today, I would say that Havas is clearly the most attractive group in the global industry because of its culture.”

Despite the rise of AI, Bolloré is bullish on creativity: “There’s a lot of smoke and mirrors around what AI can be doing, but at the end, we have some AI fatigue from the consumers.” While Havas has made over 70 acquisitions in 30 years—90% of them in tech and data—he emphasized their recent creative investments, particularly in acquiring UK-based Uncommon. “Creativity will become even more important in the future than it is today.”

He cited work from Havas India, like the campaign for Democracy newspaper and the robotic-human hand installation at an airport. “That’s not something a robot can do… you need a brilliant mind and a brilliant idea to create something that has never been done before.”

So what does the advertising industry have that no other sector can claim? Bolloré concluded: “First, you work for a wide range of clients from different sectors… We operate globally, and we are at the center of the digital revolution. You are in the future. So it’s a future-proof type of industry, and I think it’s great to be at the center of what’s going to happen.”


“There’s a lot of smoke and mirrors around AI,” says Havas Chairman and CEO Yannick Bolloré

When Yannick Bolloré talks about leadership, he speaks from experience—and from the heart. The Chairman and CEO of Havas recently shared his thoughts at Storyboard18 Marquee Nights, touching on global pressures, political divisions, and why India plays a major role in his plans. His message was clear: in today’s world, strong relationships matter more than ever.

Bolloré said, “Sometimes I have trouble sleeping at night,” Bolloré confessed.

While the comment was tongue-in-cheek, it underscored the enormous responsibility and complexity that comes with navigating global markets today. Bolloré, who has been at the helm of Havas for over a decade, emphasized that leadership today is less about individual genius and more about building collective resilience.

With more than 1.4 billion people, a digital-first economy, and a surge of talent across disciplines, India stands out in Bolloré’s strategic vision. “India is the future,” he declared. “We need to be best in class in India.”

He praised the abundance of talent he observed in the country, citing not only its thriving tech industry but also its cultural depth and business ambition. “The great lesson from India is patience,” he said. “We managed to build such a great relationship. It’s a relationship, not for life, but for decades.”

Bolloré’s long-term perspective is shaped by Havas’ growing investments in India, where the company is exploring ways to make India a hub to serve global clients—a reversal of the traditional West-to-East service model.

Reflecting on the state of global affairs, Bolloré contrasted today’s polarized geopolitical environment with the optimism of a decade ago when he first became CEO.

“In 2013, the world was wide open — minimal conflicts, rising middle classes, peace processes even with countries like Iran,” he said. “Today, being the CEO of a global group means navigating nationalism, trade wars, and internal division — even within democratic nations.”

Bolloré underscored the difficulty of maintaining unity within an international company that spans countries in conflict, such as Russia and Ukraine, or regions of deep political division. “We must focus on what unites us, not what divides us. We are stronger together,” he said. “Politics must take a back seat if we are to stay human and stay united.”

When asked how companies should communicate in politically sensitive times, Bolloré urged neutrality. “Don’t take political sides. Your consumers come from every direction,” he advised. “Stick to the values behind your brand. Be meaningful.” He expressed a long-term belief in the resurgence of globalization, hoping that peace and connectedness will return.

India, Bolloré said, is not just growing — it is a “key priority.” Havas’ expansion in the country has been exponential, growing from a small office to 2,500 employees, with plans to double that in three years. “India is the future. It’s a powerhouse of talent and innovation,” he said, praising the country's education system, digital transformation, and resilience. “We’re now looking at how India can not only serve itself, but the world. Thanks to digital tools, India can now serve clients across Europe and the U.S.”

Bolloré’s message is clear: in a world of disruption, it’s not scale or technology that will determine success, but trust, loyalty, and creativity.

“At the end, the strength of the collective is more important than the quality of the individual,” he concluded.

“It’s a relationship for decades”: Yannick Bolloré on India’s strategic role

In an era where conglomerates are increasingly under pressure to unlock shareholder value, Vivendi's bold restructuring has grabbed global headlines. Spearheaded by Yannick Bolloré, Chairman and CEO of Havas, the group recently spun off three of its key entities—Canal+, Havas, and Lagardère—listing them on three different stock exchanges: London, Amsterdam, and Paris, respectively.

Bolloré in a fireside chat during Storyboard18 Marquee Nights discussed the motivations behind this unprecedented move, the implications for the businesses, and how Havas is positioning itself to compete with global advertising giants like WPP and Publicis.

Vivendi, long viewed as a media and communications conglomerate, was trading at a significant discount—nearly 45%—due to the market's skepticism about conglomerate structures. According to Bolloré, “The split was about unlocking the true value of our assets.” He cited Vivendi's earlier spin-off of Universal Music Group in 2021 as a success story. Valued at €25 billion pre-spin, UMG’s value has since doubled to €50 billion post-listing in Amsterdam.

“That success laid the groundwork,” Bolloré explained, “and gave us confidence to replicate the strategy with our other leading businesses.”

The decision to list Canal+ in London, Lagardère in Paris, and Havas in Amsterdam raised eyebrows. But Bolloré clarified that the move was strategic. London offers Canal+ better international visibility, especially as it pursues a joint venture with African pay-TV giant MultiChoice. Paris was a natural fit for Lagardère given its strong French roots. As for Amsterdam, it was chosen for Havas to guard against potential hostile takeovers, thanks to protective governance structures permitted under Dutch law.

“When clients heard Havas was going public, there were concerns about a takeover. Amsterdam's structure gives us the ability to remain in control of our destiny. We decided to list Havas in Amsterdam because we created a foundation that gives power to the board to decline any possible hostile bid or takeover.” Bolloré stated.

Havas remains a core part of the Bolloré family vision. Despite the listing, the family retains a 30% stake, enabling long-term governance and strategic consistency. “We are the only global advertising group with family ownership. That allows us to think long-term, unlike publicly held competitors who often operate quarter-to-quarter,” he said.

Havas has grown significantly in India, one of its fastest-growing markets, scaling tenfold in just seven years. “We’ve made five to six acquisitions in India alone,” Bolloré noted, highlighting a deliberate push to consolidate independent agencies and unify them under the Havas culture.

Asked how Havas plans to stand out in a market dominated by mega-holding companies like WPP and Publicis, Bolloré emphasized integration and agility. “We are the most integrated network in the industry. Clients want business partners, not silos.”

Bolloré also stated that "The media industry will always be shaped by those who can tell the best story, not just the loudest one. In a fragmented market, integration is the thread that weaves diverse talents into a powerful whole."

He also welcomed the recently announced merger between IPG and Omnicom, seeing it as validation of the need for scale. “It proves our model is right. And it presents us an opportunity to attract top talent and clients who prefer agility over bureaucracy.”

Bolloré stated, "The merger between IPG and Omnicom is about cost synergies, but for us, scale is an advantage to attract great talent and stay agile. The future of advertising will be a mix of large groups operating at scale and small agencies that disrupt thinking."

The listing has provided unexpected advantages. Quarterly earnings have not only shown strong performance but also enhanced Havas’ visibility among clients and potential talent. “It’s been a fantastic branding tool,” said Bolloré, adding that equity incentives post-listing have aligned employees' interests with the company’s success.

Despite the changing media and tech landscape, Bolloré remains focused on future-proofing. “You have to stay humble. Whether it’s AI, data, or even the short-lived metaverse craze, we invest to understand. Some bets work out, others don’t—but missing a disruption is the real risk. If you want to remain future-proof, never be arrogant. Stay humble—even if you are in some markets or in your industry.”

As the media landscape rapidly digitizes—with digital ad spend surpassing 50% of total advertising in markets like India—Bolloré sees integration and long-term vision as key competitive advantages. And while the big players consolidate, he believes there’s still room for small, disruptive agencies—but at the global level, scale remains a significant barrier to entry.

“Digital now represents more investment than TV plus radio plus mobile combined. It’s huge, especially in India. Integration is key, and Havas has been a pioneer in bringing together media, creative, social, and PR agencies under one roof."

Clients want business partners, not silos: Yannick Bolloré, Chairman and CEO of Havas

HAVAS GROUP INDIA