In leaked memos, Sir Martin Sorrell frames the pandemic as an opportunity to acquire 'distressed' ad agencies and reveals that his firm S4 Capital has applied for government subsidies
They list "distressed" agencies and production companies and say S4 has applied for taxpayer-funded relief programs around the world.
"We've picked up stresses and strains already at B-Reel, R/GA, M&C Saatchi and Deutsch, but we're really interested in hearing about potentially distressed companies in our sector," he wrote, encouraging staff to watch out for "competitive intelligence" around the world. In May 3 memo, S4 said it's begun to review its real estate expenses, which amount to "10% of net revenues or $35-40 million per annum," and chosen not to renew leases in cities where it can consolidate office space, such as New York and London.
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