Paul Holmes joins the Echo Chamber podcast to discuss his annual review of agency M&A in the PR sector, which year revealed a significant decline in both the volume and value of industry dealmaking. Holmes and Arun Sudhaman explore the rise of the 'micro-transaction', with smaller firms dominating sales while holding groups such as Omnicom and WPP did not acquire a single PR firm in 2017. The duo also wonder whether the Holmes Report might qualify for President Trump's 'MOST DISHONEST & CORRUPT MEDIA AWARDS OF THE YEAR', and explore the PR fallout from Michael Wolff's explosive new White House expose.