Market Chatter: Omnicom-Interpublic Deal Facing Investigation Over Potential Ties to Anti-Conservative Cartel

MT Newswires Live12-19

Omnicom Group's (OMC) proposed merger with fellow advertising company Interpublic Group (IPG) is facing a probe over the companies' potential connection with an anti-conservative cartel that sought to defund news outlets, the New York Post reported Wednesday.

As part of an antitrust probe, House Judiciary Committee Chairman Jim Jordan sent letters to the respective chief executives of both companies, which were founding members of the World Federation of Advertisers and its now-defunct Global Alliance for Responsible Media initiative, according to the report.

Omnicom and Interpublic have been ordered to preserve documents and all contact with the World Federation of Advertisers and the Global Alliance for Responsible Media, and give information to the House, the news outlet reported, citing letters obtained by it.

The committee is seeking answers from the companies no later than the afternoon of Jan. 7, according to the report.

Omnicom and Interpublic didn't immediately respond to MT Newswires and the Post's separate requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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