Omnicom's takeover of IPG has been approved by the US competition and consumer protection watchdog the Federal Trade Commission (FTC) with one key provision.
The new entity, which when the $13.5 billion deal is completed will be the world’s largest advertising group, must not steer ads to or away from publishers based on political content.
Advertisers still retain the right to put their dollars where they want.
"Today’s settlement does not limit either advertisers' or marketing companies' constitutionally protected right to free speech," FTC chairman Andrew Ferguson said.
He had previously pointed to what he called collusion in the market for media-buying services.
Analysts said the conditions are aimed at stopping agencies refusing to place client advertisements on sites considered risky for some brands.
The restrictions are part of an effort by president Donald Trump's administration to root out what is seen as political bias against conservative voices and causes.
The World Federation of Advertisers’ Global Alliance for Responsible Media, a body formed to protect brand safety, shut operations after being accused of bias against conservative media.
The Omnicom takeover of IPG now has a 30 day period for public comment before final acceptance.
“We are delighted that our transaction with Interpublic has cleared this significant regulatory hurdle,” said John Wren, CEO of Omnicom.
“This is an important step toward the completion of the proposed acquisition and creating a new era in which we help clients grow with a comprehensive range of marketing and sales solutions, incorporating both creativity and technology.
“We continue to look forward to obtaining the remaining regulatory approvals and closing in the second half of this year, consistent with our expectations when we announced this transaction.”
Philippe Krakowsky, CEO of Interpublic, said today’s news is a notable step forward in the process of combining the companies.
“Together with John and as part of his team, we will be exceptionally well-positioned to meet the evolving needs of clients in a consumer and media landscape being transformed by technology and data,” he said.
The takeover is subject to regulatory approvals globally, including competition watchdog the ACCC in Australia. It has already been approved by New Zealand.
The marriage of rivals brings together the world’s third biggest advertising group, Omnicom, with the fourth, IPG, to form a company with 100,000 people and revenue of $25.6 billion (net revenue of $20 billion), with 57% of that in the US.
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