The agency holdcos have an AI story, but not an AI business model

What if the agency holdcos have got it wrong?

Over the past month, the groups have settled on a familiar investor script when framing their financial fortunes: AI as margin defense, integration as operating leverage, scale as a moat and automation as productivity.

It’s a tidy frame — a way to signal that generative tools won’t hollow out the model and EBITDA can be protected.

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