On the tech side, Caraline Brown of Midnight Communications has retaken control of her agency from the AIM-quoted BV Group for ten per cent of the sale price of two years ago.
Meanwhile, Lord Chadlington's Huntsworth Group has paid a mere £2.6m for hatch-group, the acquisition vehicle founded by his Shandwick protege Michael Murphy in mid-2001. It does not take a particularly keen observer to spot that this is less than half the price Murphy was at one stage prepared to pay for hatch's founding subsidiary MacLaurin, in mid-2001.
Moreover, 60 per cent is in Huntsworth shares, the rest the assumption of seven-figure bank debt.
Although there is sport in analysing the winners and losers of such a market, the reasons for it are rational. The listed markets are off between a third and a half since the peak three years ago. As a result, those buying privately-owned firms will pay less for them. Huntsworth's own share price is a good example of this, down by a half in two years, despite steady profits and a fulfilled acquisition spree.
As markets return to strength, the judgement may be that Chadlington bought hatch at the bottom of a business trough, just as Brown has wisely reasserted control as the tech sector reached its nadir. But that will only happen if the root cause of low valuations - lack of profitability and invisible growth potential - are remedied. That is the challenge ahead.