WPP CEO Martin Sorrell, while reporting the firm's Q2 results on Thursday, said that the proposed Publicis-Omnicom merger would be at worst a neutral outcome because it is likely a case of "one plus one not equaling two or even 1½ or even 1.1." Despite Sorrell's confidence, the threat could still be significant, especially if Publicis and Omnicom combine their media-buying efforts to offer customers a better set of rates, writes John Jannarone.

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