Fireworks: WPP has warned former CEO Martin Sorrell that it could hold up his $26.5 million bonus if his new holding company in the making, S4 Capital, pursues a takeover of MediaMonks (Guardian). WPP and S4 have both submitted offers for the Netherlands-based digital production shop (Wall Street Journal).
Sorrell has also sent a letter to S4 shareholders asking for permission to raise up to $1.3 billion for acquisitions. The issuing of up to 1 billion shares would enable S4 to compete with rival holding companies in takeover bids for other firms (WSJ).
The executive roster at Burson Cohn & Wolfe continues to take shape. The firm has named Rebecca Grant, a veteran of the Cohn & Wolfe side of the business, as its U.K. leader. Meanwhile, Golin has also shaken up responsibilities for its co-CEO triumvirate.
Things that make you go hmmmm… Michael Cohen updated both his Twitter and LinkedIn accounts to remove the reference to his work as "personal attorney to President Donald J. Trump." The edits took place days after Cohen, whose office was raided by the FBI in April (New York Times), seemed to indicate a change in his loyalties in an interview with ABC News (CNN).
Traders will be refreshing Twitter constantly on Friday morning to see if President Trump again tips off the markets about the monthly jobs report. Markets reacted on June 1 after Trump tweeted that he was "looking forward to seeing the employment numbers" in a strong jobs report issued that day for May (Bloomberg).