Paul Holmes joins the show to discuss his recent analysis of M&A trends in the PR agency world, which revealed that independent firms are now out-buying their publicly-held counterparts. In a wide-ranging discussion with Arun Sudhaman, Paul explores why the big holding groups are buying fewer PR firms, and looks at the impact of private equity on agency M&A activity. Also discussed are the markets and services attracting most interest, APCO's search for a new investment partner, and whether 2016 will prove as active, in M&A terms, as 2015. Show notes: 2015 Review: Independent Firms Drive PR M&A Activity