Media, Telecom and Advertising
Media, Telecom and Advertising Advertising
Holdco versus two platforms
Omnicom $17.3B includes one month of IPG after November 26, 2025. AppLovin $5.48B is continuing ops. Trade Desk $2.90B is a take rate.
Ad companies are growing at different speeds
AppLovin +70% continuing ops. Trade Desk +18%. Omnicom +10.1% with one month of IPG. These are P&L growth rates, not advertiser spend.
AppLovin after the Apps sale
Continuing-operations revenue: $1.84B in 2023, $3.22B in 2024, $5.48B in 2025. Do not add the old Apps segment back onto 2025.
Trade Desk spend versus take rate
Advertisers put about $13.4B through the platform in 2025. GAAP revenue was $2.90B. The gap is the take rate, not a second P&L.
Fox advertising is a component, not the company
FY2025 $6.87B. FY2026 $7.34B, +7%. This is the advertising line, not Television versus Cable and not memberships.
Netflix ads are a floor, not a series
Calendar 2025 advertising revenue was more than $1.5B. That is a printed floor, so it is not plotted as $1.5B. Group revenue was $45.2B. Memberships live on the streaming tab.
Ad revenue
>$1.5B
Calendar 2025 printed floor. Not a quarterly ads series.
Netflix 10-K / letter
Group revenue
$45.2B
Calendar 2025, +16%. Ads are inside this number, not a second P&L.
Netflix 10-K
Operating margin
29.5%
Calendar 2025 GAAP operating margin. Printed next to the ads floor, not a memberships count.
Netflix 10-K / letter
Reddit is almost all ads
2025 advertising $2.1B inside group $2.20B. Q4 DAUq 121.4 million. The logged-in split is on the interactive tab.
Ad revenue
$2.1B
Calendar 2025, as printed. Almost the whole company.
Reddit FY2025 PR
Group revenue
$2.20B
+69% versus 2024. Advertising plus other.
Reddit FY2025 PR
Q4 DAUq
121.4M
Global daily active uniques, +19%. Not logged-in only.
Reddit FY2025 PR
S&P 500
Aug 18
Added to the S&P 500 effective August 18, 2026.
S&P DJI Aug 13, 2026
Advertising revenue around these companies
Fox advertising, AppLovin, Trade Desk, Reddit ads, Live Nation sponsorship, and Take-Two ads as each company printed them. Not a TAM. Alphabet and Meta are not here. Netflix more-than-$1.5B is a floor and is omitted.