It could be seen as a perfect storm.
Big media reviews are ten a penny these days – to the unalloyed joy of consultants, chiefly the all-conquering ID Comms – so there’s bound to be a degree of swings and roundabouts in all this. But WPP’s various media agencies, grouped under GroupM, seem to having the worst of it.
UM, on the other hand, written off by many a few years ago is on a hot streak. IPG, in some ways, is the most traditional of the holding companies and it seems to be paying off.