FTC proposes five-year safeguards for Publicis-LiveRamp deal

The Federal Trade Commission has proposed five years of access and data-protection safeguards for Publicis Groupe’s planned acquisition of LiveRamp, while opening an antitrust case over the transaction. The proposal is not final approval: the acquisition has not been completed, and the FTC lists the matter as pending.

On October 19, 2026, the Commission voted 2-0 to issue an administrative complaint and accept a proposed consent agreement for a 30-day public-comment period. The FTC describes Publicis’s planned purchase of 100% of LiveRamp as a transaction worth about $2.2 billion.

The FTC’s competition concerns i

The complaint alleges the acquisition could lessen competition in U.S. media-agency and audience-data services. The FTC says Publicis could use control of LiveRamp services to deny or degrade rivals’ access, and could gain access to competitively sensitive information. These are allegations in an administrative proceeding, not findings that the companies have violated the law.

The complaint alleges the acquisition violates Section 5 of the FTC Act and that, if consummated, it would violate both Section 7 of the Clayton Act and Section 5 of the FTC Act. The agency says the deal could give Publicis leverage to pressure clients of competing media agencies or disadvantage rival audience-data providers. LiveRamp provides data-connectivity services used in digital advertising.

Publicis said the proposed agreement is based on commitments it offered and described LiveRamp’s neutrality, customer choice and data protection as important. That is the company’s position; the proposed terms are not a final FTC order.

What the proposed safeguards would require i

If finalized and the transaction closes, the agreement would require Publicis to provide fair, reasonable and nondiscriminatory access to LiveRamp’s standalone products and services for five years. It would also prohibit denying, degrading, delaying or otherwise impairing customers’ continued access. The proposed protections are intended for current and future LiveRamp customers, including advertisers, agencies, publishers and technology providers.

The proposal would require firewalls to prevent Publicis from accessing or using customer data and confidential business information obtained through customers’ use of LiveRamp’s standalone services. It would also bar retaliation against customers who raise compliance concerns with the FTC.

• An independent auditor would review compliance every six months for the first two years after closing, then annually for three more years.
• LiveRamp customers could request certain audits focused on how the protections apply to them.
• Contractual compliance disputes unresolved after 30 days could be referred to third-party mediation.

The FTC will review the proposal after the 30-day comment period. It could modify, withdraw or finalize the agreement; until further Commission action, the proposed safeguards are not a final order. Publicis said it expects the transaction to close before the end of 2026, but that is the company’s expectation, not a confirmed closing date.