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.
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.
