India’s recent antitrust raids on media buying agencies followed tip-offs received under a leniency scheme that reduces penalties for companies providing evidence. According to a report by Reuters, Japan’s Dentsu was among the firms that applied for leniency.
On Tuesday and Wednesday, the Competition Commission of India (CCI) raided the local offices of WPP-owned GroupM, Interpublic, Publicis, and Dentsu, Madison, as well as the Indian Broadcasting and Digital Foundation (IBDF), over suspected collusion on advertising prices and discounts.
The report stated that the investigation was linked to the CCI’s leniency programme, which offers a full penalty waiver for the first company to disclose evidence of wrongdoing and reduced penalties for subsequent applicants, once the case is resolved.
According to the report, Dentsu submitted its leniency application in February last year. The company reportedly provided evidence of pricing arrangements between the Advertising Agencies Association of India (AAAI) and IBDF, which set discounting terms for securing advertising clients.
“If media agencies wanted to do business, they had to follow these guidelines,” the source said, describing what they believed to be a potentially anti-competitive practice.
It remains unclear whether any other company has made a leniency submission.
IBDF represents major domestic broadcasters, including the Reliance-Disney joint venture, Sony, and Zee Entertainment (ZEE.NS).
The CCI does not publicly disclose details of price-fixing investigations and conducts raids to collect potential evidence. In this case, raids lasted over 24 hours, running through Tuesday night.
India is the world’s eighth-largest advertising market, with revenues of $18.5 billion in 2024. GroupM estimates a 9.4% growth in 2025.
The investigation comes amid major changes in India’s advertising industry, following an $8.5 billion merger between Walt Disney and Reliance’s Indian media assets. The combined entity is estimated to hold a 40% share of the advertising market in television and streaming.
If found guilty, the media agencies could face penalties of up to three times their profit for each year of collusion or 10% of their annual turnover for each year of wrongdoing, whichever is higher.
In a previous case in 2018, Anheuser-Busch InBev (AB InBev) informed the CCI of a beer industry cartel, triggering investigations involving Carlsberg and United Breweries. AB InBev was granted a full penalty waiver in 2021 in exchange for its cooperation.