On October 19, 2026, the U.S. Federal Trade Commission announced a proposed consent order requiring Publicis Groupe S.A. to maintain neutral access and data firewalls during its $2.2 billion acquisition of LiveRamp Holdings Inc.
Antitrust Concerns and Acquisition Details
According to the FTC, Publicis entered into a $2.2 billion deal to acquire 100% of LiveRamp, a data connectivity provider. The FTC alleged the combination would harm competition in the markets for media agency services and audience data services.
David Shaw, Principal Deputy Director of the FTC’s Bureau of Competition, said the order ensures Publicis does not gain an unfair advantage over its competitors. The Commission voted 2-0 to issue the complaint and accept the consent agreement for public comment.
Proposed Order Requirements and Audits
Under the proposed five-year order, Publicis and LiveRamp are required to provide non-discriminatory access and support on fair and reasonable terms to LiveRamp's standalone products and services. They must also establish firewalls ensuring that Publicis does not access or use LiveRamp customer data and confidential business information.
The companies are required to appoint an independent auditor to review compliance every six months for the first two years, and annually for the following three years. The order also provides third-party mediation for unresolved compliance disputes and establishes a 30-day public comment period.
Key facts and where they come from
- Publicis is acquiring LiveRamp in a $2.2 billion transaction.
Under the $2.2 billion deal, Publicis, which provides media agency services including media planning and buying for digital advertising campaigns, would acquire 100% of LiveRamp.
- The proposed order requires data firewalls to protect customer information.
Establish firewalls to ensure that Publicis does not access or use LiveRamp customer data and confidential business information that it receives
- The FTC commission vote was 2-0.
The Commission vote to issue the complaint and accept the consent agreement for public comment was 2-0.
