FTC Order Clears Publicis's $38.50-a-Share LiveRamp Deal With Five Years of Equal Access for Rivals
The proposed consent order of October 19, 2026 keeps LiveRamp open to Publicis's competitors. LiveRamp's gap to the $38.50 offer narrowed from 2.8% to 0.8%.
- The FTC issued a proposed consent order on October 19, 2026 allowing Publicis to buy LiveRamp under conditions.
- For five years LiveRamp's standalone products must be sold to all customers on equal terms, with firewalls and an independent auditor.
- LiveRamp closed at $38.21, up 2.06%; its gap to the $38.50 offer narrowed from 2.8% to 0.8% (our calculation).
Reaction by asset (real prices)
| Asset | 2m before | At release | +1m | +10m | +1m % | +10m % |
|---|---|---|---|---|---|---|
| RAMP | 37.52 | 37.52 | 37.52 | 38.02 | 0.00% | +1.35% |
The Federal Trade Commission issued a proposed consent order on Monday, October 19, 2026 that lets Publicis Groupe buy LiveRamp Holdings if it keeps LiveRamp's products open on equal terms to Publicis's competitors for five years. LiveRamp stock closed at $38.21, up 2.06%, leaving it $0.29 below the $38.50 a share in cash that Publicis agreed to pay in May.
Publicis said it still expects to complete the purchase before the end of the year. The FTC puts the deal at $2.2 billion; other reports cite about $2.5 billion, the figure that includes LiveRamp's cash.
What the FTC order requires
LiveRamp sells software that advertisers, publishers and media agencies use to match customer records for ad targeting and measurement, and agencies that compete with Publicis are among its users. The FTC said in its complaint that owning LiveRamp would give Publicis the ability and the reason to cut off or disadvantage customers of rival media agencies. The order sets three conditions:
- For five years, LiveRamp's standalone products and services will be available to all customers on the same terms.
- Publicis and LiveRamp will put up firewalls so that Publicis cannot see LiveRamp's customer data.
- An independent auditor will check that both rules are followed.
The FTC publishes a proposed consent order for public comment before it makes the order final, and its case page lists the matter as pending.
How the gap to the $38.50 offer narrowed
A stock under a cash takeover offer usually trades a little below the offer price, and the gap reflects the time left until payment and the chance that the deal fails. LiveRamp ended Friday at $37.44, $1.06 or 2.8% below $38.50. By Monday's close the gap was $0.29, or 0.8%. These gaps are our calculations from the share price and the offer. Reports described the order as removing a key hurdle to the deal, and most of the gap closed that day.
| LiveRamp | Share price | Below $38.50 |
|---|---|---|
| Friday, October 16 close | $37.44 | $1.06 (2.8%) |
| October 19, 15:04 ET, when the FTC release appeared | $37.515 | $0.985 (2.6%) |
| October 19, 15:17 ET | $37.965 | $0.535 |
| October 19 close | $38.21 | $0.29 (0.8%) |
LiveRamp moved nine minutes after the release
The FTC release carries a time of 15:04:30 ET in the MoveSurge news feed. LiveRamp then traded flat at $37.515 for about nine minutes. At 15:13 ET volume jumped and the stock rose to $37.82 within the minute, and by 15:17 ET it was $37.965, up 1.20% from the price before the release. Our reaction reading ten minutes after the release shows a 1.346% gain. The stock kept rising into the close at $38.21.
Did the FTC approve Publicis's acquisition of LiveRamp?
On October 19, 2026 the FTC issued a proposed consent order that allows the deal with conditions. The order goes out for public comment before the FTC makes it final.
What conditions did the FTC set on the Publicis LiveRamp deal?
For five years Publicis and LiveRamp must offer LiveRamp's standalone products to all customers on equal terms. They must also keep LiveRamp's customer data away from Publicis behind firewalls, checked by an independent auditor.
How much is Publicis paying for LiveRamp?
Publicis agreed in May 2026 to pay $38.50 a share in cash. The FTC puts the deal at $2.2 billion; other reports cite about $2.5 billion including LiveRamp's cash.
When will the Publicis LiveRamp deal close?
Publicis said on October 19, 2026 that it still expects to complete the acquisition before the end of the year.
Sources
-
FTC order preserves competition in digital advertising ecosystem as part of Publicis's acquisition of LiveRamp
— Federal Trade Commission
Proposed consent order: five years of non-discriminatory access to LiveRamp's standalone products, firewalls on customer data, independent auditor; complaint on foreclosure of rival agencies' customers; $2.2 billion deal.
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LiveRamp stock rises as FTC clears Publicis acquisition
— Investing.com
Deal announced in May at $38.50 per share; FTC conditions; LiveRamp shares rose.
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LiveRamp gains after FTC approves $2.5B sale to Publicis with conditions
— Seeking Alpha
Independent report of the order and a $2.5 billion deal value.
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LiveRamp (RAMP) shares rise 2.1% after FTC clears $2.5B Publicis acquisition
— GuruFocus
LiveRamp shares rose about 2.1% after the FTC action.
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Publicis Groupe conclut un accord avec la FTC dans le cadre de l'acquisition de LiveRamp
— Publicis Groupe via GlobeNewswire
Publicis reached an agreement with the FTC; completion still expected before the end of the year.
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