FTC clears Publicis-LiveRamp deal on condition of five-year data firewalls

The FTC has approved, subject to conditions, Publicis Groupe's $2.2 billion acquisition of LiveRamp, the data connectivity provider used across the digital advertising industry. The order imposes five years of nondiscrimination, firewall and audit obligations to stop Publicis using its ownership of LiveRamp to disadvantage rival media agencies or misuse competitors' customer data. The public comment period runs 30 days.

• Publicis Groupe S.A. is acquiring 100% of LiveRamp Holdings Inc. in a $2.2 billion deal.
• The FTC alleged the deal would violate Section 7 of the Clayton Act by harming competition in media agency services and audience data services markets.
• For five years, Publicis and LiveRamp must provide non-discriminatory access to LiveRamp's standalone products and are barred from denying, degrading, delaying or impairing that access.
• An independent auditor must review compliance every six months for the first two years post-closing, then annually for three more years.
• The Commission vote to issue the complaint and accept the consent agreement was 2-0, with a 30-day public comment period now open.

Executive summary

The FTC has required Publicis Groupe S.A. to continue providing neutral and nondiscriminatory access to LiveRamp Holdings Inc.'s products as a condition of completing Publicis's $2.2 billion acquisition of LiveRamp. The agency's complaint alleged the deal would give Publicis, the…

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