This article was originally published in Dircomfidencial 

In the corporate world of 2025, communications advisory has ceased to be an afterthought of management and become a high-value strategic service, comparable in influence and profitability to investment banks, major law firms, or management consultancies. Six major global players — Brunswick Group, FGS Global, FTI Consulting, APCO Worldwide, Teneo, H/Advisors, and Kekst CNC — are leading this transformation, handling critical operations in reputation, public affairs, and financial communications for the world’s largest corporations and governments.

Recent moves by large private investors confirm this trend: KKR acquired full control of FGS Global at a valuation of USD 1.7 billion (18.9x EBITDA), while Liechtenstein’s sovereign fund, LGT Capital Partners, took a stake in Teneo, valued at USD 2.3 billion. These figures, more typical of private equity or financial-sector M&A, mark a turning point for an industry growing at double-digit rates with EBITDA margins above 20%, rivaling the Big Three strategy consultancies and the Magic Circle law firms.

The global Top 7 is made up of:

• Brunswick Group – A pioneer and creator of the category, with USD 547.1M in revenue, 27 offices, and 1,670 employees.

• FGS Global – Controlled by KKR, it combines top-level corporate communications and public affairs.

• FTI Consulting – A hybrid of financial advisory, corporate communications, and lobbying, with 85 offices and over 8,000 professionals.

• APCO Worldwide – 100% specialised in communications and public affairs, with USD 404.6M in revenue and 35 offices.

• Teneo – Originally focused on communications, it has evolved into an integrated consultancy with 1,600 professionals across 40 offices.

• H/Advisors (Havas) – Havas’ specialised player, expanding its reach with multiple strategic acquisitions in recent years; already with 1,500+ professionals and 40 offices.

• Kekst CNC (Publicis Groupe) – The emerging strategic communications consultancy within Publicis, formed through the integration of Kekst and CNC.

In Spain, 4 of the 7 players are represented:

• Brunswick operates in Madrid, led by Fiona Maharg-Bravo.

• FGS Global is represented in Spain and other Latin American markets through LLYC as Associate Partner.

• FTI Consulting has a Madrid office with significant operations, with communications services led by Juan Rivera.

• H/Advisors integrated Tinkle in 2021 in Spain.

A converging role with other elite sectors

The relevance of these firms lies not only in their growth but also in how they are occupying spaces once dominated by other advisory giants. Communications advisors now sit at the heart of major corporate transactions and reputational crises, protecting reputations and structuring narratives with the same rigor that a law firm prepares a legal defense or a Big Four runs an audit.

The latest PRovoke global ranking confirms that the traditional communications and PR market is stagnating or in decline, with groups such as Edelman, Burson, Ketchum, or Weber Shandwick showing flat growth and massive headcounts that dilute margins. In contrast, the specialised strategic communications firms have become highly profitable boutiques, capable of charging premium fees and maintaining direct relationships with the C-Suite and Boards of Directors.

Looking ahead: specialisation, M&A, and elite talent

The seven leaders are consolidating their dominance through selective acquisitions, high-profile hires, and expansion in key markets. The trend points to a consolidation reminiscent of investment banking in the 1990s: a handful of global players, highly specialised, and in a decisive position of power in shaping major operations — from multibillion-dollar mergers to managing political and regulatory crises.

On this new playing field, communications is no longer a cost but a first-order strategic asset. And as in Wall Street or elite law firms, its value is measured in influence, precision, and results.