This episode opens with a fresh take on Nike’s strategic shift toward direct-to-consumer sales, highlighting the risks and fallout from its major reorganization and the impact on both its brand and retail partners. The conversation then shifts to the Teads-Outbrain merger, where Todd draws on his insider experience to break down why this deal is more about achieving global scale and product complementarity than simply competing with rivals like Taboola. Finally, the hosts examine Walmart’s latest move to court non-endemic advertisers through innovative in-store ad units, discussing how this could reshape retail media and open new revenue streams for the retail giant. Throughout, Tom and Todd offer candid perspectives on disruption, competition, and the evolving intersection of media, e-commerce, and advertising.