Hello Rainmakers,
For an industry whose job is to persuade clients that there is no substitute for creativity, marketing and PR businesses are increasingly reaching a decidedly corporate conclusion about their own growth: as Sam Metcalf discovers, sometimes it is easier to buy than build.
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M&A activity across the agency sector is accelerating, fuelled by private equity, technological disruption and clients demanding an ever-expanding menu of services from fewer suppliers.
Data from Davis+Gilbert suggests completed PR transactions increased 20% in the first half of 2026 compared with the same period last year, with deals increasingly involving smaller sellers and private equity. Buyer interest has been particularly strong around influencer marketing, data and analytics, reputation and crisis management and content capabilities.
At the enormous end of the market, the direction of travel could hardly be clearer. Omnicom completed its acquisition of Interpublic Group in November 2025, creating a business with more than $25bn in combined annual revenue.
But the more interesting corporate finance story may be happening several floors below those global holding companies.
