GOOD CEOs

Toby’s key predictions

One. 💡
The six listed holding companies will become three.

Two. 📈
The first £1 billion independent holding company will emerge.

Three. 🛠
Private equity will revive a ‘killed’ brand, like DDB, JWT, FCB or… Claire’s accessories.

 
“We’re talking about a radical change to the marketing services complex.”
– Toby Southgate
 

Toby reckons that two of the big six could be disrupted this year. That is, absorbed, acquired, merged, or de-merged. Here’s his thinking.

For the last three decades, six agency networks have reigned collectively.

1. WPP

2. Omnicom

3. Publicis Groupe

4. Interpublic Group (IPG)

5. Dentsu

6. Havas

This shift is already in progress following the completion of Omnicom Group’s acquisition of IPG in November last year. This wasn’t a freak occurrence, but the start of a new era. One where these huge companies, like tectonic plates, start to grate, merge – or disintegrate.

But how will it shake (or grind) out?

The reason for the next big company vanishing could vary. As could the speed and manner in which they do. But one thing is clear:

WPP and Dentsu are under the spotlight.

 
Dentsu: underperforming, and still up for sale

The Japanese firm has been trying to sell its struggling international business arm since summer 2025. Last month news emerged that its buy-out was on the verge of collapse. The Financial Times reported that a source close to Bain – one of the PE firms in the deal – was “still interested, but with significant reservations”.

🙋‍♂️Yes and... I believe Dentsu is in a similar place to WPP. I think the awareness of and acceptance for change is higher than it's been previously and it still has some incredible opportunities to build from. It'll all be about alignment and attributing the right level of autonomy to get growth back on the agenda.

 
WPP: transform or crash

WPP’s problems have been well covered. A symbolic moment came in December when it was relegated from the FTSE 100. The month before, it enlisted McKinsey, a management consultancy, to carry out a major strategic overhaul. While critics have pointed to a situation of the blind leading the blind – McKinsey has its own problems – its analysts’ measures could – could – result in a crucial margin increase this year.

🙋‍♂️Yes and… my view is that WPP are going to bounce back strongly this year. The company has hit the floor and is in the act of fixing many of the problems that have caused it pain. You just watch. It’s Man United having a bad spell.

 
Publicis Groupe: in the family

Publicis is considered to be a big machine that performs well. And it’s insulated from the harsher realities of the market by ongoing major international relationships. But key to its security is the fact that it’s backed by a significant private shareholder.

 
Havas: surging on

Havas is doing better than most people – including its own bosses – expected.

Havas reports strong organic growth for the third quarter of 2025 and sharpened its full-year 2025 guidance upwards, reflecting confidence in its business model and its strong challenger position. Strong organic growth of +3.8% in Q3 2025, driven in particular by a very solid performance in the United States.

 
Omnicom: huge and slow

Omnicom gobbled up market share through its blockbuster purchase of IPG last year. It also drew controversy for shedding over 4,000 jobs and canning iconic industry names – DDB, MullenLowe and FCB (more on this down-page). Now it’s time for a protracted era of pressure, integration challenges and headaches to resolve through a period of integration that is just beginning.
 

 
“Properly scaled, fully independent, creatively orientated businesses are able to magnetise the best talent around.”
– Toby Southgate
 

Independent holding companies will hit the big leagues in 2026. Specifically, one of the eight below could reach the £1 billion in revenue milestone.

Ollie’s predictions👇

1. VCCP

2. MSQ Partners

3. Common Interest

4. Serviceplan Group

5. Huge

6. R/GA

7. Edelman

8. Eidra

Here’s why – and how.

VCCP – Its American expansion is just getting underway. At the end of last year it bolstered its US creative team. And if it can pull off its integrated offering stateside, then I wouldn't be surprised if a backer comes along or perhaps a group that has a wealth of what VCCP doesn't. My hunch would be influencer or digital transformation.

MSQ Partners – This firm counts 1,850 staffers across 14 different agencies, according to Digiday. Clients include Diageo, Lego and Con Edison, the energy supplier that powers New York City and Westchester. Its big job this year is working on its own brand and visibility. MSQ have all the right parts. Their backers seem to like MarTech, but I wonder what could happen if they invested in Creative leadership and MSQ's brand in and of itself.

Common Interest – On a major acquisition drive since 2024, last year it made headlines for getting an initial 51% stake in Amplify, a brand experience agency. Common Interest has a killer set of leaders and businesses that have swagger. The whole group stands for something, which, in the world of PE backed roll ups, is rare. Like: $1bn rare.

Huge – Following an acquisition from AEA Investors, the business is performing well. Huge has productised its services with more success than most firms can claim. Its transformation was the subject of the book by Michael Farmer: Madison Avenue Makeover: The transformation of Huge and the redefinition of the ad agency business. But they have come along so far since that book was published. One to watch.

R/GA – It regained independence last year in splitting from IPG, thanks to a partnership with PE firm Truelink Capital. They're not quite the size they once were, but now... They have what many agency groups don't have: Appetite, alignment and autonomy.

Edelman – A firm that made $1.04bn in 2023, but was relegated from the billionaires club the year after, slipping to $986 million in 2024. We anticipate that it will be resurgent this year after focusing on creative and strategy. And we're expecting to hear about some investments too.

Eidra – A European PE backed group. It is the definition of orchestration, with a portfolio of companies that makes clear and cogent sense. With categories like Strategy & Change, Brand & Marketing, and Commerce & AI. ‘Nordic Roots. Global Reach.’ is the punchy two sentence end line. Not many know of this group yet. But... They will.
 

 
“Reviving one of these great names means acquiring power, influence, story and history. Plus, it would be a wonderful reminder to talent and clients that brands mean something.”
– Toby Southgate
 

The names that have the greatest reanimation potential are.

• DDB

• JWT

• FCB

 
Brand power

These legendary names each made a remarkable contribution to the history of advertising and the craft of communication. In most cases, they were killed off with zero sentiment.

“DDB would be the obvious choice,” says Toby. The storied ad network, which began as Doyle Dane Bernbach in 1949, was axed in the midst of the Omnicom/ IPG merger last year. “Killing off the most creatively awarded network in the world is poor brand management, and borderline insane,” he says.

 
Money for nothing

Imagine the scenario. You are a holding company CEO. Somewhere on a server are all the brand assets of a legendary – but now retired – agency. There are no clients, no personnel, no revenue. It’s a set of files that is delivering zero value to the business. But it could do, reasons Toby.

“Anyone who is trying to purchase one of these brands can make the argument: ‘this is free money, straight to the bottom line. No due diligence, no investment bank, intermediary or lawyers. Just give me the assets and the rights to use them.’ Imagine someone offering $4 million for the DDB brand. Does Omnicom right now say ‘no’ to a $4 million income item?”

🙋‍♂️Yes but… Is it worth it? And who is it worth it to? And, once you’ve revived DDB or JWT, Who cares more - the industry, or the clients? Do the clients start queuing up because they liked what DDB stood for, or the new story that you’ve created? I’m not sure. I’m just trying to figure out who this is worth making investment of money and time. Mother? FundamentalCo? Who wins if brands get revived by good storytelling?