Digiday covers the latest from marketing and media at the annual Cannes Lions International Festival of Creativity. More from the series →If you’re reading this, there’s a high likelihood that you’re filing expense claims and sending follow-up messages, hoping to make good on verbal commitments made during rosé-fuled discussions at Cannes Lions Festival of Creativity last week. Hence, I’ll make this one relatively quick.
Amid the glamor of star-studded panels and yacht parties aplenty – not to mention a hail of ad tech announcements – last week, Walmart’s acquisition of self-serve CTV platform Vibe.co stood out.
On paper, the transaction strengthens Walmart Connect’s CTV ambitions, particularly for SMBs, which aligns with the largest retailer in the U.S.’ strategic goal of identifying growth areas where it may increasingly look next.
Walmart paid big for small spenders
Financial terms of the deal were not publicly disclosed, though sources told Digiday it would value Vibe at $1.4 billion – that’s a staggering amount for a company that’s barely half a decade old.
