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Analysts say a flood of private equity will reshape deal-making in the ad industry in 2021.
PE has been investing heavily in an industry formerly dominated by ad holding companies.
Some agency founders see PE ownership as attractive, but others value their independence.
For decades, ad industry M&A was dominated by big ad holding companies competing for the hottest agencies.
But consultancies like Accenture started buying agencies about a decade ago, and private equity firms have invested heavily in marketing over the past three to five years as digital ad spending grows.