8月底英国《金融时报》报道，电通已经聘请摩根士丹利与野村证券作为财务顾问，正在评估旗下海外业务的整体剥离方案，未来可能将只保留日本本土 业务。 9月4日，广告行业媒体《Campign》报道，CEO五十岚博回应了有关电通国际业务未来的猜测，回应的内容非常模糊，称"尚未做出任何决定""目标是自建 国际业务"。 "虽然我们的目标是自行重建我们的国际业务，但我们认识到根本性的重组需要采取大胆的措施。 ……我们正在探索所有选择，包括与第三方 建立全面和战略的合作伙伴关系。……如果能帮助我们更快地恢复，我们也愿意与其他公司合作。这些想法仍然只是可能性。" 电通整体营收同比下滑0.2%，其中日本本土业务逆势增长5.3%，而海外业务收入则连续第四个季度同比下跌； 集团调整全年利润预期，从原本的660亿日元下调至预计亏损35亿日元（约合2400万美元），主要由海外市场的商誉减值和重组成本所驱动； 海外业务的利润率远低于本土，仅维持在约10%水平，结构性亏损已对集团整体业绩构成压制； 电通集团这条全球化的路，走得不太顺，或许真的要走不下去了。 而放眼整个行业，广告集团的动荡在今年此起彼伏，着实透着一丝末日氛围。 有的寻求出售。5 ...

Core Insights - Dentsu is evaluating a potential divestiture of its international operations, possibly retaining only its domestic Japanese business [1] - The CEO has stated that no decisions have been made yet, emphasizing the goal of rebuilding international operations [2][3] - The advertising industry is experiencing significant turmoil, with various companies exploring sales or partnerships [4][5][6] Financial Performance - Dentsu's international business has faced declining profits for several years, with Q2 results showing a 0.2% year-over-year decline in overall revenue, while domestic operations grew by 5.3% [7] - The company has adjusted its annual profit forecast from a profit of 66 billion yen to an expected loss of 3.5 billion yen (approximately 24 million USD), primarily due to goodwill impairment and restructuring costs [7] - The profit margin for international operations is significantly lower than domestic, at around 10%, contributing to overall performance pressure [7] - Dentsu announced a global workforce reduction of approximately 3,400 positions, representing about 8% of its international staff [7] Historical Context - Dentsu's international expansion began in the late 20th century, with significant investments and acquisitions aimed at enhancing its global presence [10][11][18] - The acquisition of Aegis in 2012 marked a pivotal moment, allowing Dentsu to establish a more integrated global structure [19][20] - From 2015 to 2019, Dentsu completed over 100 acquisitions, indicating a strategy focused on rapid growth through mergers [23][24] Strategic Challenges - Dentsu has struggled with integrating its international acquisitions, leading to a lack of cohesion and shared objectives among its global operations [38][49] - The company has faced cultural challenges, with a persistent "Japan-centric" approach that has hindered effective global management [45][65] - The departure of global CEO Wendy Clark in 2022 highlighted ongoing leadership challenges and the difficulty in implementing a unified global strategy [54][55] Industry Trends - The advertising industry is witnessing a shift, with companies either seeking to sell or form strategic partnerships to navigate the changing landscape [4][5][6] - Regulatory environments are becoming more lenient, as seen with the FTC and CMA easing antitrust scrutiny, allowing for potential consolidations [6]