Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: FTC alters orders related to Omnicom’s acquisition of IPG, (Sep 29, 2025)

By Jody Coultas, J.D.

The order prevents Omnicom from denying advertising dollars to media publishers based on their political or ideological viewpoint, except at the express and individualized direction of Omnicom’s customers.

The FTC has approved a final order resolving antitrust concerns related to Omnicom Group Inc.’s $13.5 billion acquisition of The Interpublic Group of Companies, Inc. (IPG), the agency announced. The order eliminates Omnicom’s ability to deny advertising dollars to media publishers based on their political or ideological viewpoint, except at the express and individualized direction of Omnicom’s advertiser customers (In the Matter of Omnicom Group Inc., FTC File No. 251 0049, Sept. 26, 2025)).

Omnicom and IPG are two of the six major global advertising holding companies. These companies are conglomerates of various advertising agencies acquired over time. Advertisers hire advertising agencies not only to make many of these decisions for them, but also to represent advertisers in negotiations with media publishers on key terms such as pricing, ad placement, sponsorships, and exclusives. Historically agencies needed scale to achieve favorable results in negotiations with publishers, encouraging consolidation in the market to the so-called “Big Six.” Combined, Omnicom and IPG will be the world’s largest media buying advertising agency and reduce the number of companies to five.

In June, the FTC alleged that advertising agencies have coordinated—including through industry associations—on decisions not to advertise on certain websites and applications. Coordination among advertising firms may reduce ad revenues for particular media publishers, forcing those publishers to reduce the amount of content they can offer to their own consumers and their investment in their sites. With one fewer major competitor in the media buying services industry, the remaining competitors may have fewer impediments to coordinating the placement of advertisements, monitoring one another, and punishing one another for taking actions that harm them collectively. The potential for anticompetitive coordination is increasingly difficult to address if market structure is allowed to consolidate through merger.

The proposed decision prevents the merged entity from directing advertisers spend based on a media publisher’s political or ideological viewpoints, or the political or ideological viewpoints expressed in content that the publisher sells advertising to run alongside. The order also prevents the companies from refusing requests to advertising to a publisher based on viewpoints or content. Finally, the merged entity cannot decline to deal with advertisers based on political or ideological viewpoints. None of the prohibitions prevent Omnicom from acting as an agent to carry out the independent wishes of each of its customers. If an advertising customer, on its own initiative, wishes to design an exclusion list of its own, Omnicom may implement that exclusion list.

In response to comments received during the designated public comment period, the Commission modified the proposed order. The final order further clarifies the order’s scope and imposes a compliance monitor.

Companies: Omnicom Group Inc.; The Interpublic Group of Companies, Inc.

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