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Ad tech middlemen squeezed as open web collapses

Axios’s Kerry Flynn and Sara Fischer report that deal data from Luma Partners shows ad tech transactions sliding, with total deals falling to 101 by Q3 2026 after peaking at 121 in Q2 2025.

Why it matters. Intermediaries that depend on commoditized targeting lose leverage as first-party data holders consolidate power in the supply chain.

Signal from axios.com · Kerry Flynn, Sara Fischer · read the original.

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