India raids ad giants GroupM, Publicis, broadcasters’ group over price collusion

The Indian antitrust body has raided the offices of many global advertising giants, including GroupM, Publicis, Dentsu and Interpublic Group over alleged ad rates collusion, sources said. Raids were also carried out at nation’s top broadcasters’ industry group which represents Reliance-Disney and Sony.

Why it matters

The raids come as the ad landscape in India is seeing major shifts following the $8.5 billion merger between Walt Disney and Reliance’s India media assets, which Jefferies analysts say will have a 40% share of the ad market in TV and streaming segments. They also follow Omnicom Group $13.25 billion all-stock deal in December to buy rival Interpublic Group, creating the world’s largest ad agency.