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“The consolidation comes as ad holding companies confront shrunken client budgets, layoffs and financial challenges during the global pandemic. According to a report from Forrester, layoffs at U.S. agencies could reach 52,000 by the end of 2021.”
https://www.wsj.com/amp/articles/wpp-continues-consolidation-plan-with-merger-of-grey-and-akqa-11605118742
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