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Size matters in changing adland

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MUMBAI: In the acquisition storm swirling across the advertising world, there are two strong currents that are pushing from below to force change in adland: the digital might of Google, Microsoft and their likes and the emerging high-growth markets including India.

The compulsion to do buyout deals and outsize competitive agencies is coming from an evil that is economic crisis. Global media agencies are looking for safe harbours away from the slowing advertising markets of the United States and Europe.

Prolonged recession since 2008 is providing the ideal climate for these deals to fertilise. The smaller players have become more open to sell as they seek escape from financial stress and acquisition prices become more affordable.

“We will see more mergers and acquisitions take place. In a downswing, the values become lucrative and the benefits of consolidation become more apparent,” says Publicis South Asia CEO Nakul Chopra.

The BBHs of the world were born in a different era and in a different period of history. Now is the time to build scale, volume, value and efficiencies through size. The scramble is on to consolidate advertising spends among the top five agencies, much like the way the other industries behave.

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“How long can the ad industry stay fragmented? It is the era of consolidation at the top,” says former Havas Media CEO and now
BCCL director customer strategy Anita Nayyar.

There is no other way to survive the onslaught of the digital players in a convergent media world. Agencies need to invest in digital expertise, technology and geographies. For tapping say Google, agencies with size will have a distinct advantage.

And who knows where the ambitions of these digital giants will end? Sitting on huge cash piles, Google, Facebook, Apple or Microsoft may find business sense in owning media and entertainment companies as the world moves rapidly towards convergent economies.

And what if they suddenly develop the appetite to gobble up extended areas like the agency business?

That may be too much of an extended logic. It is definitely not the reason behind the current urge of agency owners to grow into bigger giants. Consolidation to tap deeper into clients in a digital era is the one big pull. And in a mightier ad world, growth can come through buyouts that provide complementary strengths.

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Japan’s Dentsu, overwhelmingly dependent on its revenues from the home market, has taken one such giant leap by agreeing to buy London-based Aegis Group for a whopping $4.9 billion. This will enable it to fly with greater stamina in Europe, a market it had earlier tried to dig into but failed. The Aegis buyout will place the Tokyo-based agency in the top position in the Asia-Pacific region while it becomes the second largest in western Europe, the fastest growing in North America and a global leader in digital markets.

The Japanese agency couldn‘t have waited longer to spread far and wide. WPP has done a spate of acquisitions across the world, the most recent being independent digital agency AKQA. Publicis Groupe, on the other hand, gobbled up London-based Bartle Bogle Hegarty (BBH) for $848.5 million. The French agency also bought Rosetta, a digital marketing company, last year.

“In this consolidation wave, Dentsu needed to balance their footprint. There was an inherent strategic need,” says Chopra.

Consolidation among the bigger agencies is nowhere near completion. Havas and the Interpublic Group could become the new targets for acquisition as the pecking order of the top five agencies remain unchanged even after combining Dentsu and Aegis. WPP leads the pack, followed by Omnicom, Publicis, IPG and Dentsu.

The acquisition fever has also spread to the Indian shores. The largest takeover activity was made last year when Omnicom snapped up majority stake in Anil Ambani‘s Reliance-owned Mudra Group. The most recent acquisitions this year have been the total buyout of digital agency Indigo Consulting by Publicis’ Leo Burnett and 51 per cent of Hungama Digital by WPP’s JWT.

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“In this digital era, there is a need to offer a wider level of specialised services. We acquired Indigo Consulting, one of the largest digital agencies in India,” says Leo Burnett chairman and CEO for Indian subcontinent Arvind Sharma.

The acquisitions across geographies are not going to end. The cross-border deals are, in fact, going to multiply. “The big change sweeping across the world is the power of the digital medium. In this cyclic wave, inorganic expansion is becoming an important route. Agencies want to leapfrog their understanding in the digital arena as consumer behaviour is changing fast. Since digital means global platforms, we are seeing more cross-border deals like Dentsu intending to acquire Aegis,” says ZenithOptimedia CEO Satyajit Sen.

Sharma believes that mergers and acquisitions will last for at least a decade. “The dominance of television is waning and ad spends are moving away to digital. The market is getting more segmented and ad models are becoming complex. Also, TV, tablets and smart phones are merging into each other. Media companies are acquiring specialities as digital is becoming a powerful communication tool. Technology is driving interest and consumer time. These require new perspectives and new skillsets,” he explains.

India with a 1.2 billion demographic has become a very important growth market for the global agencies. Commenting on S&P’s remark about India being the first fallen angel, WPP Group CEO Martin Sorrell told CNBC TV18‘s Anuradha Sengupta in an interview that “If India is a fallen angel, I would like to be a fallen angel.”

The angels are inhabiting Brazil, Russia, India and China. While US is seeing very slow growth and Europe is caught in a debt crisis, the BRIC countries are growing strongly though of late they are tending to reverse their crazy pace.

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Sharma believes acquisitions will keep happening in India. If 4G turns out to be a success and the projection of 200 million subscribers over the next five years actually happens, it would throw open a lot of opportunities and challenges for agencies.

“We will see digital and special units and talent being gobbled up. New creative shops will keep coming up and it normally takes seven years of growth for such smaller outfits to be a target for acquisition,” he says.

Agrees Sen, “Acquisitions will be on the rise. Network agencies will have an advantage.”

Will that signal the end of the mushrooming of independent agencies in India? Madison Media Group CEO Gautam Kiyawat does not think so. “Creative shops can be successful without the scale attached to it. I don’t see their death in India. They will continue to exist in numbers,” he says.

The advertising landscape will possibly witness two trends. While mid-sized agencies will be buyout targets, the smaller creative outfits will find space to exist.

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Nayyar feels India will not follow the global trend where the top league will be occupied by five agencies who will dominate the market. Being diverse in nature, India will be a 10-15 player market. Agencies with sizeable volumes like Madison already exist. Like China, India is a volume market,” she avers.

Percept Limited joint managing director Shailendra Singh agrees that India will have more players with strong volume business. “India is a totally different market. “We are a totally different market. Percept will not sell. Our media business, in fact, has been made the company of the year in the Group. We are client heavy and our growth is steady,” he asserts.

The consolidation wave is looked at as a healthy development by some industry experts. “The trend to break free and set up smaller units has fragmented the market too much and clients have gained from this. The industry needs to work with better rates,” says Nayyar.

Sharma holds a contrarian view. According to him, consolidation is not deep or penetrative enough to push up rates. “Consolidation has not been so dramatic that it will have an impact on agency compensations in the short run. It may slow down the drop in agency compensations but not necessarily push them up,” he says.

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Netflix India names Rekha Rane director of films and series marketing

Streaming giant bets on a seasoned marketer who helped build Amazon and Netflix into household names

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MUMBAI: Netflix has put a proven brand builder at the helm of its films and series marketing in India, naming Rekha Rane as director in a move that signals sharper focus on audience growth and cultural cut-through in one of its most hotly contested markets.

Rane steps into the role after seven years at Netflix, where she has quietly shaped how the platform sells stories to India. Her latest promotion, effective February 2026, crowns a run that spans brand, slate and product marketing across originals, licensed content and new verticals such as games.

A strategic marketing and communications professional with roughly 15 years’ experience, Rane has spent much of her career building technology-led consumer businesses and new categories, notably e-commerce and subscription video on demand. She was part of the early push that introduced Amazon.in, Prime Video and Netflix to Indian homes, then helped turn them into everyday brands.

At Netflix, she most recently served as head of brand and slate marketing for India from March 2024 to February 2026, leading teams across media and marketing for global and local content portfolios. Before that, as manager for original films and series marketing, she led IP creation and go-to-market strategy for titles including Guns and Gulaabs, Kaala Paani, The Railway Men* and The Great Indian Kapil Show, spanning both binge and weekly-release formats.

Her earlier Netflix roles covered product discovery and promotion in India and integrated campaign strategy to drive conversations around the content slate, product awareness and brand-equity metrics.

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Before Netflix, Rane logged more than three years at Amazon in brand marketing roles in Bengaluru. There she handled national and regional campaigns for Amazon.in, worked on customer assistance programmes in growth geographies and contributed to the go-to-market strategy for the launch of Prime Video India.

Her career began well away from streaming. At Reliance Brands in Mumbai, she worked on retail marketing for Diesel and Superdry. A stint at Leo Burnett saw her work on primary research for P&G Tide, mapping Indian shoppers’ paths to purchase. Earlier still, at Orange in the United Kingdom, she rose from sales assistant to store manager, running a team and owning monthly P&L for a retail outlet.

The arc is telling. As global streamers fight for attention in a crowded Indian market, executives who understand both mass retail behaviour and digital habit-building are prized. Rane’s career sits at that intersection.

For Netflix, the bet is simple: in a market spoilt for choice, sharp marketing can still tilt the screen. And with Rane now leading the charge, the streamer is signalling it wants not just viewers, but fandom.

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Orient Beverages pops the fizz with steady Q3 gains and rising profits

Kolkata-based beverage maker reports stronger revenues and profits for December quarter.

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MUMBAI: A fizzy quarter with a steady aftertaste that’s how Orient Beverages Limited, the company that manufactures and distributes packaged drinking water under the brand name Bisleri closed the December 2025 period, as the Kolkata-based drinks maker reported improved revenues and a healthy rise in profits, signalling operational stability in a competitive beverage market.

For the quarter ended December 31, 2025, Orient Beverages posted standalone revenue from operations of Rs 39.98 crore, up from Rs 36.42 crore in the previous quarter and Rs 33.53 crore in the same quarter last year. Total income for the quarter stood at Rs 42.24 crore, reflecting consistent demand and stable pricing across its beverage portfolio.

Profit before tax for the quarter came in at Rs 3.47 crore, a sharp improvement from Rs 1.31 crore in the September quarter and Rs 0.39 crore a year ago. After accounting for tax expenses of Rs 0.79 crore, the company reported a net profit of Rs 2.68 crore, nearly three times the Rs 0.99 crore recorded in the preceding quarter.

On a nine-month basis, the momentum remained intact. Revenue from operations for the period ended December 31, 2025 rose to Rs 117.66 crore, compared with Rs 106.95 crore in the corresponding period last year. Net profit for the nine months climbed to Rs 5.51 crore, more than double the Rs 2.18 crore reported in the same period of the previous financial year.

The consolidated numbers told a similar story. For the December quarter, consolidated revenue from operations stood at Rs 45.06 crore, while profit after tax came in at Rs 2.06 crore. For the nine-month period, consolidated revenue touched Rs 133.57 crore, with net profit of Rs 4.49 crore, underscoring the group’s improving profitability trajectory.

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Operating expenses remained largely controlled, with cost of materials, employee benefits and other expenses broadly aligned with revenue growth. The company continued to operate within a single reportable segment beverages simplifying its cost structure and reporting framework.

The unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 7 February 2026. Statutory auditors carried out a limited review and reported no material misstatements in the results.

In a market where margins are often squeezed by input costs and competition, Orient Beverages’ latest numbers suggest the company has found a reliable rhythm not explosive, but steady enough to keep the fizz alive.

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Washington Post CEO exits abruptly after newsroom cuts spark backlash

Leadership change follows layoffs, protests and a bruising battle over trust.

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MUMBAI: When the presses are rolling but patience runs out, even the editor’s chair isn’t safe. The Washington Post announced on Saturday that its chief executive and publisher Will Lewis is stepping down with immediate effect, bringing a sudden end to a turbulent two-year tenure marked by financial strain, newsroom unrest and public backlash.

Lewis’s exit comes just days after the Bezos-owned newspaper announced sweeping job cuts that triggered protests outside its Washington headquarters and a wave of anger from readers and staff. While newspapers across the US are grappling with shrinking revenues and digital disruption, Lewis’s leadership had increasingly come under fire for how those pressures were handled.

The Post confirmed that Jeff D’Onofrio, a former Tumblr CEO who joined the organisation last year as chief financial officer, has taken over as CEO and publisher, effective immediately. In an email to staff, later shared by reporters on social media, Lewis said it was “the right time for me to step aside.”

The leadership change follows the announcement of large-scale redundancies earlier this week. While the Post did not officially confirm numbers, The New York Times reported that around 300 of the paper’s roughly 800 journalists were laid off. Entire teams were dismantled, including the Post’s Middle East bureau and its Kyiv-based correspondent covering the war in Ukraine.

Sports, graphics and local reporting were sharply reduced, and the paper’s daily podcast, Post Reports, was suspended. On Thursday, hundreds of journalists and supporters gathered outside the Post’s downtown office in protest, calling the cuts a blow to public-interest journalism.

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Former executive editor Marty Baron described the moment as “among the darkest days in the history of one of the world’s greatest news organisations.”

Lewis defended his record in his farewell note, saying “difficult decisions” were taken to secure the paper’s long-term future and protect its ability to publish “high-quality nonpartisan news”. But his tenure coincided with growing scrutiny of editorial independence at the Post.

Owner Jeff Bezos faced criticism for reining in the paper’s traditionally liberal editorial page and blocking an endorsement of Democratic presidential candidate Kamala Harris ahead of the 2024 US election. The move was widely seen as breaking the long-standing firewall between ownership and editorial decision-making.

According to a Wall Street Journal report, around 250,000 digital subscribers cancelled their subscriptions after the paper declined to endorse Harris. The Post reportedly lost about $100 million in 2024 as advertising and subscription revenues slid.

While the wider newspaper industry continues to battle declining print advertising and the pull of social media, some national titles have stabilised. Rivals such as The Wall Street Journal and The New York Times have managed to build sustainable digital businesses, a turnaround that has so far eluded the Post despite its billionaire backing.

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As Jeff D’Onofrio steps into the role, the challenge is stark, restore confidence inside the newsroom, win back readers who walked away, and prove that one of America’s most storied newspapers can still find its footing in a brutally competitive media landscape.

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