A board member mentioned, "What I would expect, in all honesty, is for private equity to team up with [another holding company]. If the intent is to remain independent, you'd have to be a consolidator of that sort of the next tier of assets." This highlights the expected strategic partnerships between private equity and holding companies, showing a proactive approach to consolidation in a changing market.
Addressing possible mergers, the board member stated, "Can WPP and Publicis merge? I personally doubt it - that's No. 1 and 2, which is much harder than No. 3 and 4 [which is Omnicom and IPG]. So what do they do? They probably go shopping, if you will, and looking, you know, much harder at Dentsu, Havas, etc." This reflects skepticism around major mergers while indicating a search for acquisitions among lower-tier agencies.
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