Agency M&A in 2025: From Publicis's Network Consolidation to Omnicom's Merger with IPG

The year 2025 marked a vibrant period for mergers and acquisitions within the ad tech and agency sector, taking place after a brief lull in activity previously. Compared to 2023’s stagnation, the past year saw a notable resurgence in M&A, with strategic buyers notably accounting for 71% of scaled transactions, up from 58% the previous year, according to LUMA Partners. This article provides a comprehensive overview of the key agency-specific acquisitions that shaped the 2025 landscape.

### January Deals
January kicked off with T-Mobile’s acquisition of Vistar Media, a digital out-of-home platform, for $600 million. This strategic acquisition highlights T-Mobile’s commitment to enhancing its advertising offerings. Shortly thereafter, Publicis Groupe restructured its network by merging Leo Burnett and Publicis Worldwide into a single, large creative entity called Leo, streamlining its operations.

In a series of rapid deals, DirecTV expanded its stake in the addressable TV ad platform Invidi, while The Trade Desk acquired Sincera to enhance its Demand-Side Platform (DSP) with better supply-path and ad-quality insights. Additionally, ecommerce marketing company Rokt purchased customer data platform mParticle for $300 million. Closing out January, cybersecurity platform CHEQ acquired Deduce, a startup focused on detecting AI-generated identity fraud.

### February Highlights
February saw Outbrain complete its acquisition of Teads, enhancing its video advertising capabilities. Mediaocean subsequently acquired Innovid, further consolidating its position in the ad tech landscape. In agency news, indie media agencies PlusMedia and Cage Point merged to form Mile Marker, while Havas purchased retail media agency Channel Bakers, expanding its ecommerce capabilities.

Kevel (formerly Adzerk) acquired Nexta to boost its off-site retail media capabilities, and AppLovin offloaded its apps business. Family safety app Life360 acquired Fantix’s AI ad tech platform, which aims to enhance its advertising offerings. Notably, DoubleVerify bought Rockerbox—a significant multitouch attribution provider—for $85 million, strengthening its analytics capabilities.

### March Developments
March continued to see active M&A, with Viant acquiring lockr, a platform assisting publishers in data collection for digital advertising. T-Mobile made its second acquisition in a month by securing Blis for $175 million, aiming to leverage location data in its advertising efforts. Publicis also entered the spotlight by acquiring Lotame, a data management platform, indicating its focus on enriching Epsilon’s identity graph.

Meanwhile, Canadian firm Redbrick acquired Paved, a programmatic newsletter platform, and MNTN sold its creative agency Maximum Effort back to its founder, Ryan Reynolds. Food delivery app Wonder purchased Tastemade for approximately $90 million, while Google announced its plans to acquire cybersecurity firm Wiz for a staggering $32 billion, marking its largest acquisition to date.

### April Activity
The M&A wave continued into April, with WPP acquiring InfoSum, a data clean room and collaboration startup. Redbrick once again made headlines by acquiring Quartz and product review publisher The Inventory from G/O Media. Indie agency Acadia took over Crush, a fellow ecommerce marketplace agency, and Yotpo acquired Israeli CDP Coho AI.

Notably, digital OOH platform GSTV was acquired by PE firm MidOcean Partners for between $500 million and $600 million, and French CMP Didomi acquired tag management platform Addingwell, showcasing the growing importance of data privacy solutions.

### May Transactions
May was bustling with activity as Instacart acquired Wynshop, and Gallery Media bought Coveteur, a fashion site. Roku made headlines with its $185 million acquisition of subscription streaming service Frndly TV. Multicultural ad network Snackable Media purchased ad ops platform AdGrid, and Perion acquired Greenbids, an AI optimization startup for $65 million. In a surprising twist, Publicis acquired influencer marketing platform Captiv8, signalling its focus on the evolving digital landscape.

### June Consolidation
In June, Circana acquired shopper data platform NCSolutions, while Newsweek bought Adprime, a healthcare ad platform. Disney made waves by agreeing to a further $438 million payment to complete its purchase of Hulu, pushing the total deal size over $9 billion. DoorDash also expanded its ad strategy with a $175 million acquisition of retail search ad startup Symbiosys.

### July Acquisitions
July continued the trend of consolidation, with Didomi merging with privacy platform Sourcepoint. Rokt acquired Canal to enhance curated product offerings during ecommerce checkouts, marking its second acquisition of the year. Performance media agency Brainlabs expanded its footprint by acquiring fellow indie agency Exverus Media.

In the tech landscape, multiple acquisitions took place, with public relations agencies and marketing companies making significant moves, reflecting the broader agency trend towards consolidation and diversification within the industry.

### August Deals
The summer saw some notable moves, including Nexstar’s acquisition of competitor Tegna for $6.2 billion. H.I.G. completed its purchase of Kantar Media, further consolidating its position in the ad landscape. Spectrum Reach also expanded by acquiring cloud-based order management system ShowSeeker.

### September Activity
As September rolled in, Roqad acquired Zeotap’s third-party data division. Digital ad platform Ad.com purchased Underdog Media, and Empower acquired Ocean Media to form one of North America’s largest independent media agencies. The month was notable for a flurry of activity, including a week-long spree where multiple ad tech acquisitions transpired, underscoring significant M&A momentum.

### October Highlights
October featured People Inc. acquiring the food publisher Feedfeed, alongside Bending Spoons’ acquisition of AOL from Apollo-owned Yahoo. Paramount Skydance made headlines with its acquisition of The Free Press for $150 million. The ongoing trend of consolidation continued with significant mergers announced across various platforms and networks.

### November Developments
In November, Omnicom officially completed its $13 billion merger with IPG, following EU approval. ID5 made its first acquisition by buying TrueData, expanding its identity resolution capabilities. Life360 made a strategic acquisition of publisher-focused ad platform Nativo for $120 million, while Broadsign acquired Place Exchange, another DOOH startup, signalling ongoing investments in out-of-home advertising.

### December Wrap-Up
Closing out the year, Netflix announced plans to acquire Warner Bros. for $83 billion, pending regulatory approval. Omnicom and IPG further consolidated by merging their creative divisions, folding FCB into BBDO and MullenLowe into TBWA. The month witnessed additional notable acquisitions, including Cadent’s acquisition of VuePlanner and Pinterest’s purchase of tvScientific, underscoring the busy close to an eventful year in M&A.

Overall, 2025 can be characterised by significant consolidations and expansions across the agency sector, as firms continued to adapt to changing market dynamics and the increasing importance of data-driven strategies. The year underscored the resilience and evolution of the ad tech and agency overall landscape, indicating a sustained appetite for strategic acquisitions as firms sought to boost competitiveness.

Source: AdExchanger