What seems clear from the 10,000-foot point of view is that there are two general schools of thought around the acquisition, which would vault Omnicom to the No. 1 position.
Investor analysts are describing BuzzFeed's sale of First We Feast for $82.5 million as a good sign for the media M&A market -- which itself is an indication of how ugly that market had become.
There's been a lot of speculation about the value of Acxiom to Omnicom's acquisition of IPG, but an ongoing court case over the data warehouse adds another layer.
While the deal's official close is still a long way off and there may be regulatory hurdles to clear before the acquisition is complete, it's still worth charting out who the winners and losers may be.