Good morning. Here’s everything you need to know in the world of advertising today.
1. Ad tech company The Trade Desk has filed to go public. The company is looking to raise $86.3 million in its initial public offering.
2. Here’s why Chinese firms keep paying big bucks for western ad tech companies. One reason is that Chinese firms have lots of financial leverage — thanks to an influx of private investors in their stock — which can help them perform an interesting arbitrage play once they buy an undervalued ad tech firm.
3. Dubai-based ad tech company Media.net has been acquired by a group of Chinese investors for about $900 million in cash, Bloomberg reported. The Chinese consortium plans to sell Media.net — which provides the technology that serves contextual ads on Yahoo and Bing — to a telecoms company called Miteno whose shares have been suspended from trading since last year, according to the report.
4. All of Ryan Lochte’s sponsors have dropped him. The US swimmer admitted on Saturday he “overexaggerated” a story about being robbed at gunpoint at a gas station in Rio during the Olympics.
5. Barron’s says Facebook’s stock could soar another 20% this year. The company has seen a recent acceleration in growth, partly due to increasing its ad load on mobile.
6. These are the 10 most-shared Olympics ads of all time, according to video ad tech company Unruly. P&G, Channel 4, and Under Armour all feature.
7. Gawker.com has officially closed. The site’s writers spent Monday writing eulogies to the controversial gossip blog, with the final post published by founder Nick Denton.
8. Former Fox News presenter Andrea Tantaros has filed a lawsuit against her formal employer. The suit describes Fox News as a “sex-fuelled, Playboy Mansion-like cult” and accuses the network of punishing her for complaining about sexual harassment tby former chief executive Roger Ailes.
9. Amazon is planning a cheaper music streaming service that only works with Echo. It will cost $4 or $5 a month and could launch as soon as September, according to a report from Recode.
10. Grey London has won the £60 million ($79 million) creative account, Campaign reports. It ends a 16-year relationship with Rainey Kelly Campbell Roalfe/Y&R.
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