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Agencies

What is happening to the holding companies and the agency model, and what it means for the people who buy from them.

Agencies

Crossing the Deathly Middle

Oct 8, 2026

•

7 min read

Crossing the Deathly Middle

Stagwell has put its name on a global media network. WPP is losing its CFO and creative chief. Opposite sides of the same valley, and only one chose to be there.

Justin Billingsley
Justin Billingsley

Platforms

+1

The Tornado Guarantee

Sep 24, 2026

•

5 min read

The Tornado Guarantee

What a 19th-century tornado forecaster teaches about retail media's 94% accuracy claim

Justin Billingsley
Justin Billingsley

Agencies

The Open Marriage

Sep 17, 2026

•

6 min read

The Open Marriage

Clients asked agencies for exclusivity. What they always got was conflict management, on a ladder.

Justin Billingsley
Justin Billingsley

Agencies

The Picture Lock

Sep 14, 2026

•

5 min read

The Picture Lock

The triple bid was built to buy judgement before the point of no return. That point has moved.

Justin Billingsley
Justin Billingsley

Platforms

+1

The Other Empty Chair

Sep 10, 2026

•

6 min read

The Other Empty Chair

Amazon, Meta and WPP are being sued over advertiser money. The advertiser isn't suing.

Justin Billingsley
Justin Billingsley

Agencies

The Exported Mind

Aug 23, 2026

•

6 min read

The Exported Mind

Omnicom quietly moved the people who built Omni to a contractor. The decision is right. The lesson is elsewhere.

Justin Billingsley
Justin Billingsley

Agencies

The Slow Triage

Aug 17, 2026

•

6 min read

The Slow Triage

Dentsu is sorting its international markets without sentiment. Napoleon's surgeon would ask about the speed.

Justin Billingsley
Justin Billingsley

Agencies

The Skin Game

Aug 13, 2026

•

6 min read

The Skin Game

Why outcome-based agency pricing stays rare

Justin Billingsley
Justin Billingsley

Agencies

The C-Word

Aug 7, 2026

•

7 min read

The C-Word

WPP's biggest rally since 1995, earned by a half-year in which everything fell more slowly

Justin Billingsley
Justin Billingsley

Agencies

The Vanished Wages

Aug 3, 2026

•

7 min read

The Vanished Wages

Stagwell reported a record quarter and a net loss on the same day. The explanation is twenty pages deep.

Justin Billingsley
Justin Billingsley

Agencies

The Standing Gallop

Jul 29, 2026

•

5 min read

The Standing Gallop

How to read a holding-company growth number and know what it is actually made of

Justin Billingsley
Justin Billingsley

Agencies

The Retention Trophy

Jul 27, 2026

•

5 min read

The Retention Trophy

What the new-business league tables count, what they can't see, and why the same bank shrugged

Justin Billingsley
Justin Billingsley

Agencies

The Translator's Card

Jul 9, 2026

•

6 min read

The Translator's Card

A life sentence in Shanghai, a lawsuit in New York, and the advertisers missing from both courtrooms

Justin Billingsley
Justin Billingsley

Agencies

The Costless Commitment

Jul 6, 2026

•

6 min read

The Costless Commitment

WPP published five trust principles at Cannes. Not one of them costs the company anything.

Justin Billingsley
Justin Billingsley

Agencies

The Two Juries

Jun 28, 2026

•

7 min read

The Two Juries

What it means when Cannes and the stock market disagree about the same company

Justin Billingsley
Justin Billingsley

Agencies

The Free Half

Jun 15, 2026

•

7 min read

The Free Half

The holding companies gave away the half of the work that survives, and charged for the half that doesn't

Justin Billingsley
Justin Billingsley

Agencies

The Paris Discount

Jun 8, 2026

•

6 min read

The Paris Discount

Two holding companies, two $2bn cheques, and why the market paid for the wrong one

Justin Billingsley
Justin Billingsley

Agencies

The Neutrality Gambit

May 17, 2026

•

6 min read

The Neutrality Gambit

Publicis just bought the industry's neutral data pipes. Neutrality was the point, and that is the gambit.

Justin Billingsley
Justin Billingsley

Agencies

The Clients' Salary

May 14, 2026

•

6 min read

The Clients' Salary

Three CEO pay packages in one week, funded by one source that was never mentioned: the client

Justin Billingsley
Justin Billingsley

Agencies

The Cluttered Deathly Middle

Apr 30, 2026

•

5 min read

The Cluttered Deathly Middle

Q1 earnings showed which holding companies chose to escape the middle, and which are settling into it

Justin Billingsley
Justin Billingsley

Agencies

The Mortgaged Property

Apr 13, 2026

•

5 min read

The Mortgaged Property

WPP is exploring a sale of Burson. In Monopoly terms it has stopped playing to build and started playing to survive.

Justin Billingsley
Justin Billingsley

Agencies

WPP, the Clownfish

Apr 8, 2026

•

5 min read

WPP, the Clownfish

Why WPP's missing data asset is exactly what Wendy's was looking for

Justin Billingsley
Justin Billingsley

Platforms

+1

The Fandom Dividend

Apr 6, 2026

•

5 min read

The Fandom Dividend

Why Publicis's $500 million sports acquisition is architecture, not deal-making

Justin Billingsley
Justin Billingsley

Leadership

+1

Eighty People a Day

Mar 30, 2026

•

8 min read

Eighty People a Day

What the holding-company job cuts feel like from the kitchen table, and what actually helps

Justin Billingsley
Justin Billingsley

Platforms

+1

The Transparency Gambit

Mar 26, 2026

•

5 min read

The Transparency Gambit

The Trade Desk audit looks like a fee dispute. It is a rehearsal for a much bigger fight.

Justin Billingsley
Justin Billingsley
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