Should Target acquire Triad it will likely gain insight into the media strategies of rivals such as Walmart, which was Triad’s first client before moving to take its business in house.

A deal would fit strategically with Target’s renewed push into media and advertising – and send a signal of intent to marketers following its recent rebrand and appearance at US New Fronts, traditionally an event for digital publishers to pitch to media buyers.

Should WPP sell the business, it will mark another shift in strategy, with Kantar also up for sale and consultants EY understood to be undertaking due diligence for a prospective buyer.

The advertising company continues to restructure under CEO Mark Read following Sir Martin Sorrell’s exit. WPP’s share price has halved since February 2017, though has recovered 12% since the start of this year. Shares in Sorrell’s new firm, S4 Capital, have climbed almost 37% so far in 2019.

Rumours abound that WPP is exploring a merger with PwC.