WPP plc

The growing threat for advertising's biggest players

Illustration: Rebecca Zisser/Axios

The world's largest advertising companies face a growing threat from clients moving more of their media strategy and creative businesses in-house.

Why it matters: The trend is happening amid a trust fallout between agencies and companies over murky ad-buying and contract bidding practices, some leading to federal investigations.

WPP names Mark Read as CEO

 Mark Read of WPP Digital
Photo: Johannes Simon/Getty Images

WPP has named Mark Read as its new chief executive, succeeding the ad giant's founder Martin Sorrell, per the Wall Street Journal.

The big picture, via Axios' Sara Fischer: Reed, who has been expected to be named CEO for months, takes the helm after Sorrell stepped down earlier this year due to personal misconduct allegations. Sorrell, who led the company for decades, turned WPP into one of the world’s largest ad holding companies and the largest by revenue.