FTC settlement would let Publicis buy LiveRamp if the data firm stays neutral

The Federal Trade Commission has accepted a proposed settlement that would let Publicis Groupe, the Paris-based advertising company, buy data connectivity firm LiveRamp, on condition that LiveRamp keeps serving Publicis's competitors on equal terms. The agency announced the consent agreement on October 19, 2026, and placed it on the public record for 30 days of comment.

Under the merger agreement, dated May 16, 2026, Publicis will buy LiveRamp in an all-cash deal with a total enterprise value of about $2.2 billion. The Commission voted 2-0 to issue the complaint and accept the consent agreement for public comment.

Why the FTC objected

LiveRamp, based in San Francisco, supplies the technology that moves data between companies in digital advertising, for example between media agencies and websites when a campaign runs, or between agencies and sellers of audience data. The FTC calls it “the leading data connectivity provider in the U.S. media marketing ecosystem,” with more connections to partners, known as integrations, than any rival.

Publicis is one of five major global advertising holding companies, alongside WPP, Omnicom, Dentsu and Havas, and the FTC says it leads the five in US media billings. Through its subsidiary Epsilon, Publicis also sells audience data, the third-party information advertisers buy to reach the right customers.

The FTC's complaint alleges two harms. In audience data, Publicis could use competitively sensitive information that flows through LiveRamp, such as pricing and campaign data, against Epsilon's rivals, or deny or degrade their access, raising their costs. In media agency services, Publicis could take sensitive data from LiveRamp's clients for the benefit of its own agency business, pressuring advertisers to switch to Publicis. The agency alleges that the deal, if completed, would violate Section 7 of the Clayton Act and Section 5 of the FTC Act.

What the order requires

The proposed order requires LiveRamp to keep operating as a neutral platform for all current and future customers. For five years, Publicis and LiveRamp must:

• Provide non-discriminatory access to, and support for, LiveRamp's standalone products and services, covering access, customer and technical support, price, product functionality, technology and platform choice.
• Support non-discriminatory interoperability between LiveRamp's products and platforms not owned by Publicis.
• Build firewalls so that Publicis does not access or use LiveRamp customer data and confidential business information, or mix it into Publicis products, and train employees who receive such information.
• Not retaliate against customers who discuss compliance concerns with the Commission.

Copies of the independent audits go to the Commission. David Shaw, principal deputy director of the FTC's Bureau of Competition, said that keeping LiveRamp neutral will ensure Publicis “does not gain an unfair advantage over its competitors in the digital advertising marketplace.”

What it means, and what comes next

Rather than suing to block the deal, the FTC is relying on conduct rules backed by audits, customer audit requests and mediation, all for the five-year life of the order. For advertisers, agencies and data sellers that use LiveRamp, the order's test is whether they keep getting the access and terms they have today.

The settlement is not yet final. After the 30-day comment period, the Commission will weigh the comments and decide whether to withdraw from the agreement, modify it or make the order final. The FTC issues an administrative complaint when it has “reason to believe” the law has been or is being violated and a proceeding appears to be in the public interest. Once the Commission issues a consent order on a final basis, it carries the force of law for future actions.