Publicis Said to Be in Advanced Merger Talks With Omnicom

Publicis Groupe SA and Omnicom Group Inc., two of the world’s biggest advertising companies, are in late-stage talks about a combination, according to people with knowledge of the situation.

The deal will probably be structured as a merger of equals with little to no premium to current share prices, said one of the people, who asked not to be named because the deliberations are private. Publicis Chief Executive Officer Maurice Levy and Omnicom CEO John Wren will serve as co-CEOs of the new firm initially, with Levy later becoming chairman, the people said.