Point of view: Media's new values
Joe MandeseMediaPost
When I started covering the advertising marketplace 30 years ago, I was surprised to learn that Madison Avenue did not operate anything like Wall Street. Instead of the financial markets' open exchanges, where supply and demand determined the value of what was bought and sold, the trading of advertising relied upon private markets with their own rules that were often determined not by underlying value, but by the relationships between buyers and sellers.
This has been most evident in the highest-profile media marketplace, the US network TV upfront buying season, but...