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On Thursday, marketing agency MSQ Partners revealed that it was not involved in any potential merger talks with Martin Sorrell-founded ad group S4 Capital.
The company, in a statement provided to ADWEEK, said, “The board of directors of MSQ has not been involved in discussions regarding, or considered any proposal for, the rumored transaction.”
MSQ noted that there may have been discussions between representatives of One Equity Partners, its largest shareholder, and S4 Capital.
In the statement, it added, “For the avoidance of doubt, neither OEP nor MSQ intend to pursue further discussions regarding the rumored transaction.”
On Monday, S4 Capital confirmed the rumored merger news between the two U.K.-based companies, saying in a statement, “These discussions are at a very preliminary stage, and there can be no certainty that a transaction will be forthcoming.”
News of a potential merger sent shares of S4 Capital upward, jumping as high as 14% in value, according to Reuters. This provided a much-needed boost to its stock price, which had fallen by as much as 98% from its September 2021 highs, and gave it a market value of £140 million ($187.7 million).
Sorrell formed S4 in May 2018 and quickly began acquiring and merging creative, data, and services agencies together into what is now a 9,000-person team. However, he is best known for building WPP into a creative behemoth.
This was not the first time S4 has been linked with a merger or acquisition. In 2023, U.S. marketing group Stagwell approached S4 with a $700 million proposal, which Sorrell rebuffed.
S4 has cut its 2025 revenue forecast to gains in the low single digits due to its tech clients’ caution, stemming from a weaker global economy and U.S. tariffs.
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