US: Largest Holding companies are now involved in federal ‘bid rigging’ probe

The federal government’s investigation into allegations of antitrust practices at major ad agencies has expanded to include WPP, the world’s largest holding company.

WPP this morning released the following statement on its website: “WPP confirms that, similarly to Interpublic, Omnicom and Publicis, three of its subsidiaries have received subpoenas from the U.S. Department of Justice Antitrust Division concerning the Division’s ongoing investigation of video production and post-production practices in the advertising industry. WPP and its subsidiaries are fully cooperating with the enquiries.”

That means all four of the largest holding companies by revenue have been subpoenaed by the federal government as its investigation into reports of “bid rigging” continues.

Omnicom and Publicis confirmed on Friday that they had received subpoenas from the DOJ and that they planned to cooperate with the investigation. Interpublic Group made a similar statement the previous week, just days after news of the probe broke in The Wall Street Journal.

Full Content: AD Week

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.