DB Media & Online #what's appening: WPP/Adidas account, Informa/Fitch reaffirms debt rating, ITV/ Sports rights

研报英文原文证据摘录

DB Media & Online #what's appening: WPP/Adidas account, Informa/Fitch reaffirms debt rating, ITV/ Sports rights

Deutsche Bank Group

Deutsche Numis Research

Europe Industry Date

United Kingdom 1 July 2026

DB Media & Online

Media and Online Periodical

#what's appening

WPP/Adidas account, Informa/Fitch

reaffirms debt rating, ITV/ Sports rights

Silvia Cuneo

Newsflow, overnight research, valuation comps - if you'd like to discuss any of the

Research Analyst

following in more detail or require models, please get in touch with Gareth, Nizla, +44-20-754-73770

Steve or Annabel. Our contact details are listed in the right-hand margin.

Nizla Naizer

WPP (Buy, last close: 235.8p): Loss of Adidas global media account to Omnicom

+44-20-754-12403

(N/C, last close: USD 72.83) according to trade press (AdAge) is a net negative,

though WPP continues to suggest its overall net new biz is positive according to Gareth Davies

COMvergence with better momentum, and shares have been weak in the last week, Research Analyst

suggesting this news is more than discounted in our view. The Adidas media repitch +44-20-754-11560

focused on the global media account ($512m) with WPP the previous incumbent, Steve Liechti

and Omnicom’s PHD agency winning vs both WPP and Publicis (Hold, last close: Research Analyst

EUR 86.46). Separately and usefully in our view for non attendees, we note the +44-20-7541-1549

recent Cannes investor session with new CEO Cindy Rose is now on the WPP Annabel Hames

website (here). Research Analyst

+44-20-754-11574

Informa (Buy, last close: 904.2p): Fitch reaffirms IDR rating at BBB – outlook Tarun Mittal

stable. Fitch sees higher debt in FY26 given previous M&A and more recent share Research Associate

buybacks with outlook assuming deleveraging into FY27 to around the mid-point