Agencies

MSQ Partners approaches S4 Capital about possible deal

The "combination" could bring together S4 Capital with the owner of The Gate and Walk-In Media.

Maisie McCabe

August 12, 2025

10:00 am

Martin Sorrell is executive chairman of S4 Capital. (Image used with permission).

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LONDON: S4 Capital, the agency group led by executive chairman Martin Sorrell, has confirmed that MSQ Partners, the owner of The Gate, approached it about a “possible combination.”

S4 Capital said in a statement to the stock market, “These discussions are at a very preliminary stage, and there can be no certainty that a transaction will be forthcoming.”

The statement followed Sky News reporting on Saturday that S4 Capital had received a number of takeover approaches, including from One Equity Partners.

S4 Capital said that if the deal goes through, it would be structured as an acquisition of MSQ by S4, which is listed on the London Stock Exchange.

MSQ and One Equity Partners did not respond to a request for comment before publication.

The deal would also bring together S4’s Monks, previously known as MediaMonks, with MSQ’s agency brands including The Gate, Walk-In Media and strategy and innovation consultancy The Forge, which MSQ bought in May.

One Equity Partners became the leading shareholder in MSQ in 2023, replacing U.K. private equity company LDC. At the time, it said it was lining up a number of acquisitions.

MSQ was created in 2011 in a management buyout of the business previously known as Media Square.

S4 Capital reported like-for-like net revenue fell 11.4% to £163.7 million (or about $219 million) in Q1.

The company said trading reflected “volatile macroeconomic conditions” and clients remained “generally cautious.”

It added that net revenue and operational EBITA [earnings before interest, taxes, depreciation, and amortisation] in 2025 would be “broadly similar to 2024.”

S4 Capital launched in 2018 after Sorrell left his role as chief executive of WPP. After doing a €300 million deal for MediaMonks, it launched on the stock market as a reverse takeover of Derriston.

This story first appeared on Campaign UK.

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