MUMBAI: Publicis Groupe and Havas Network are in separate talks to snap up a majority stake in Madison World, India’s last large independent advertising group, if media reports are to be believed. 

Founder Sam Balsara, who set up the agency in 1988, is looking for a deal that strengthens Madison’s future and aligns it with a global network.

“Madison has always been open to a tie-up, but the terms must be right,” said chairman & managing director Balsara. He declined to reveal the valuation the agency is seeking. Publicis and Havas, meanwhile, stay tight-lipped.

With an estimated Rs 5,000 crore in gross billings in fiscal 2024, Madison makes its money charging 15–20 per cent in fees. Its roster boasts over 500 clients across media, digital and outdoor, including Asian Paints, Saffola and Blue Star. But not all news is good—Madison recently lost the Godrej Consumer Products account.

This isn’t the agency’s first dance with global suitors. A decade ago, talks with WPP and Dentsu over a 75 per cent stake sale fizzled out over valuation gaps. Now, with Omnicom snapping up Interpublic Group (IPG) to create an ad behemoth, other networks are scrambling to shore up their portfolios.

Publicis, which leapfrogged WPP last year to become the world’s largest ad group, counts PepsiCo, Diageo and Skoda among its big clients in India. Havas, with brands such as Reckitt, Tata Motors and Swiggy, runs 25 agencies in India across creative, media and health.

Madison isn’t new to parting ways with its ventures. In October 2022, the Balsara family fully exited MediaCom, a joint venture with WPP, selling its remaining 26 per cent stake.

Now, the question is: will Madison go global, or will it like in the past stay fiercely independent and just let suitors court it?