Tata Consultancy Services, would-be buyer of Interpublic Group’s digital agency R/GA, has retained its top spot in the Kantar BrandZ Most Valuable Indian Brands 2024 rankings with 16 % growth in brand value in the financial year 2024.  

The brand value of TCS grew from nearly $43 billion in 2023 to $49.7 billion in 2024, according to the company and it’s the third straight year that TCS has been top-ranked on BrandZ’s list of Indian companies.  

It was in June that reports first surfaced that TCS was negotiating with IPG to acquire R/GA. So far, no deal has been announced and it was not clear whether the two sides continue to talk at this point.  When the news first broke an IPG spokesman said the company doesn’t comment on rumors and speculation.  

However, on an earnings call with analysts in July IPG CEO Philippe Krakowsky confirmed that the agency was evaluating “strategic alternatives” for both of its struggling digital agencies Huge and R/GA, signaling that one or both could be sold.  

My guess is that after that comment a number of companies in the market for agencies sharpened their pencils, did some calculations and kept IPG’s M&A team busy for the rest of the summer.  

Who knows, maybe deals for both agencies are imminent as I write this.  

But that’s just speculation on my part. Nothing the company would comment on.