Today’s quick hits

🚨 Police arrest a “strong person of interest” in the killing of UnitedHealthcare CEO Brian Thompson. Police identified the person of interest as a 26-year-old man who graduated from the University of Pennsylvania and worked in the tech industry. Officials say the man was arrested while in possession of clothing and a mask consistent with the suspected shooter, a firearm suppressor, a ghost gun similar to the one used to kill Thompson (potentially made with a 3D printer), and a “handwritten document” that indicated some "ill will toward corporate America." He also was reportedly carrying a US passport and multiple fake IDs, including a New Jersey ID matching the one the suspect used to check into a New York City hostel.

Authorities say the man was captured after a McDonald’s worker in Altoona, Pennsylvania, saw him eating there and called police. The man is currently being held without bail on gun and forgery charges and will eventually be extradited to New York.

⚾ Juan Soto inks the largest contract in pro sports history. Like Cuba Gooding Jr., the MLB superstar asked teams to show him the money – and he got it. The 26-year-old Soto signed a 15-year, $765 million deal with the New York Mets ($51 million/year), surpassing the 10-year, $700 million deal Shohei Ohtani signed with the Los Angeles Dodgers last year.

Soto’s real estate agent must be bummed – he’ll be joining the New York Mets from the New York Yankees, showcasing how the baseball power dynamic has shifted in the Big Apple since billionaire Steve Cohen purchased the team in 2020. Case in point: The Mets leapfrogged the Yankees in betting odds to win the 2025 World Series following news of the signing.

But will Soto be able to live up to his salary? According to Fangraphs’ dollars metric, which converts WAR (Wins Above Replacement) to a dollar scale based on what a player would earn in free agency, he has exceeded $51 million only twice in his six years in the MLB.

🤝 Two agency conglomerates agree to a deal creating the world’s largest advertising company. Omnicom is acquiring ~60% of Interpublic Group in a deal valuing IPG between $13 billion and $14 billion excluding debt, the companies announced yesterday. A combined entity would have revenue of ~$26 billion, above both Don Draper’s Sterling Cooper and current market leader WPP (~$19 billion).

A small number of conglomerates are behind the majority of TV, YouTube, and billboard advertising, per the Wall Street Journal. Omnicom and Interpublic have been responsible for some of history’s most iconic ads, including Apple’s “Think Different,” Mastercard’s “Priceless,” L’Oreal’s “Because I’m Worth It,” and the “Got Milk” slogan for the California Milk Processor Board.

The deal comes as ad agencies and holding companies are under pressure from generative AI and other emerging technologies. A 2023 Forrester study found automation could eliminate 33,000+ jobs from the ad industry by 2030, or 7.5% of the industry’s workforce.