“Everything with Trump is personal so I am concerned he has a vendetta against CNN and CBS, who is unhappy with, and will act favorably towards X and Fox News,” said Reed Philips, managing partner at Oaklins + Desilva. “I also believe Elon Musk will have an outsized influence in the next Trump administration around issues related to social media and AI.”
Complex retail media deals dislike uncertainty
The simple fact that the election is over is likely to have a greater impact on retail media M&A than the winner itself, argued Lipsman, as it clears up some of the uncertainty around the regulatory environment.
Continued momentum around retail media could mean more activity like Walmart’s Vizio acquisition or the merger between Kroger and Albertsons. And while those deals haven’t yet been finalized, Lipsman attributes that more to their inherent complexity than election-related uncertainty.
A retail media network aiming to capitalize on the industry’s growth might also consider a more modest acquisition—“more of a technology tuck-in than [buying] a major ad server,” Lipsman said.
More cautious outlook for agencies
While the twin benefits of deregulation and lower corporate taxes could encourage more dealmaking, agencies appear more wary of the uncertainty that exists beyond the election, said Greg Paull, principal at global marketing consultancy R3.
“Companies will be dealing with policy uncertainty, potential trade wars, and inflation. So if there’s any M&A happening, it won’t be for networks and holdcos to get bigger or extend existing capability,” he said. “It will be to build highly strategic businesses that can drive greater operational efficiency and flex in an unpredictable market.”
Another potential knock on agency revenue could come from Trump’s tariff policies (if implemented). Any firm whose supply chain involves out-of-country goods will be paying more for those, which could reduce overall ad budgets and bring down ad spend, said Saunders.
