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Indian Antitrust Authorities Conduct Raids on Global Advertising Firms in Price-Fixing Probe

By  |  March 19, 2025

India’s antitrust watchdog launched an extensive crackdown on major global advertising agencies, probing allegations of price fixing within the industry. According to Reuters, the Competition Commission of India (CCI) carried out raids on Tuesday across multiple locations targeting GroupM, Interpublic, Publicis, and Dentsu. The operation extended well past midnight and continued into a second day.

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    The enforcement action, which took place just ahead of the lucrative Indian Premier League (IPL) cricket season—India’s largest advertising event—marks one of the most aggressive investigations in the country’s media sector. Per Reuters, the raids occurred at approximately ten locations and involved some of the top advertising agencies and broadcasting entities.

    Officials at the Indian division of GroupM were reportedly detained at their offices overnight as the probe continued into Wednesday. Investigators cloned mobile phone data in search of evidence, two sources with direct knowledge of the matter revealed. Additionally, raids at the Indian offices of U.S.-based Interpublic’s IPG Mediabrands unit, Japan’s Dentsu, and leading broadcasting industry body IBDF stretched for nearly 24 hours before concluding early Wednesday morning, sources told Reuters.

    During the raid at IBDF’s New Delhi office, officials scrutinized emails pertaining to the organization’s advertising transactions. IBDF represents prominent media players, including the recently merged Reliance-Disney joint venture and Sony, according to Reuters. France’s Publicis Groupe also faced scrutiny as part of the probe, with investigations extending well beyond midnight, though it remains unclear whether they have concluded.

    Related: Loblaw and George Weston Settle $500M Bread Price-Fixing Lawsuit

    GroupM, a subsidiary of Britain’s WPP, has yet to respond to Reuters’ inquiries regarding the matter. The firm holds a dominant 45% share in India’s media market, with nearly all of the country’s top advertisers as clients. Similarly, Interpublic’s IPG Mediabrands unit, Publicis, Dentsu, and IBDF have remained silent on the investigation. The CCI has also declined to provide any official comments, per Reuters.

    This crackdown comes at a time of significant shifts in India’s media and advertising landscape. The recent $8.5 billion merger between Walt Disney and Reliance’s Indian media assets has given the newly formed entity a formidable 40% share of the television and streaming ad market. India, currently the world’s eighth-largest advertising market, generated $18.5 billion in revenue last year, with an estimated growth rate of 9.4% in 2025, according to GroupM projections.

    The CCI’s investigation, initiated last year, focuses on potential collusion among broadcasters and media agencies over advertising rates and discount structures. According to Reuters, the watchdog does not publicly disclose details of ongoing price-fixing cases, and the legal proceedings are expected to continue for months before reaching a conclusion.

    Should the agencies be found guilty of collusion, they could face hefty financial penalties—either up to three times their annual profits during the period of the wrongdoing or 10% of their yearly turnover, whichever is greater.

    Source: Reuters