Macy’s has a cautious outlook for 2026

February 21, 2026

The mental gymnastics of principal media

There’s a very specific facial expression CMOs make when “principal media” enters the conversation — composure holding, skepticism setting in. They understand the mechanics: an agency buys inventory, resells it and keeps the margin. What’s changed is the expectation that they take a side. For some, the model nudges decisions toward the agency’s balance sheet, not

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Published by digiday.com