• by Kamran Asghar , March 24, 2026

Publicis advising clients to avoid The Trade Desk in the name of “transparency” is a little like Pete Rose telling Bud Selig how to umpire a game. The point might land, but the perspective isn’t exactly neutral.

And that tension is worth unpacking.

To be clear, scrutiny is a good thing. Clients should expect it. Every platform, every partner, every dollar should stand up to examination.

But somewhere along the way, “transparency” has started to carry more weight than it can reasonably hold.

Transparency is not the same as neutrality. It can provide visibility into processes, pricing, and decision-making. But it doesn’t fully account for the incentives that shape those decisions in the first place.

But in this case, transparency and neutrality are being treated as interchangeable.

The industry knows holding companies operate highly integrated models. They advise on media while also participating in it through principal-based buying, owned platforms, data, and retail media.

That’s not inherently problematic. But it does complicate the idea of objectivity. 

Which naturally introduces the next question. How do you evaluate something you’re also part of?

This is where selective transparency starts to feel less like principle and more like positioning.

If transparency is the lens, it arguably needs to extend across the full system:

• How media is bought

• Where margin exists

• How data is used

• How platforms are prioritized

Otherwise, it risks being applied unevenly, more visible in some places than others.

The audit component adds another layer. Independent auditing plays a critical role in helping bring clarity to these dynamics. At the same time, audits are inherently scoped to specific questions and contexts. How findings are interpreted and extended into broader conclusions is an important part of the conversation as well. 

Stepping back, this feels like part of a broader pattern.

“Transparency” has become a widely used, and often loosely defined, term in the industry. It can mean different things depending on who’s using it and why. And that can make it harder for clients to separate signal from narrative.

Which brings the conversation back to something simpler.

Not who is more transparent, but how aligned the system actually is.

Where incentives sit. How clearly roles are defined. Where advice and economics intersect.

Those aren’t new questions. But moments like this tend to bring them back into focus.

And maybe that’s the more useful takeaway.

This moment feels less about drawing a line between right and wrong, and more about raising the bar for how clearly the system itself is understood.

Because transparency shows how the system works. Alignment reveals who it works for.