Presented by Grant Whitmore

1. Losing our Cookies
Grant Whitmore, SVP and Chief Digital Operations Officer
November 20, 2019

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The Consequences of Our Junk Food Diet
We have been eating cookies for a long time.
This high-calorie tech is central to our business and represents a significant portion
of the value exchange occurring between publishers, tech partners, and clients.
Due to our long-term (collective) inaction, we are being forced to get healthier as a
result of privacy concerns that puts the cookie and everything it stands for in the
cross-hairs of browser companies and legislators.
Some companies will not be able to withstand the shock to the system that this
cookie-less future represents.

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Why Now?
According to Alastair Mactaggart, CCPA was born out of the creepiness he felt as a
consumer being followed around by a shoe ad after having visited a retail website.
The enabling technology behind that creepy shoe ad is, of course, the cookie.
Mactaggart views these intrusions into digital privacy as harmful and unethical and
got legislation passed that renders the use of the cookie essentially moot.
Since GDPR, browser companies (only one of whom has a significant relationship to
the advertising business) have sensed the opportunity for competitive advantage
by tightening privacy controls, further undermining the cookies utility.
Despite years of us telling each other than we were going to break the cookie habit
to no avail, it looks like it’s for real this time.

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The View From Tribune Publishing
 Limited audience
and revenue in
Europe.
 Pass-through of
liability between
ourselves and
vendor partners
created unease.
 Decided to NOT
engage and turned
off EU member
countries.
 Ongoing changes
in browser privacy
settings/incognito
mode has been an
ongoing source of
concern.
 Significant impacts
on core digital
business.
 Tech and product
actively working
to overcome
existing hurdles,
while new ones
arise every day.
 Broader scope of
PI data than
GDPR.
 Sizable audience
and revenue in
CA.
 CA legislation is
merely the first of
many.
 Significant
penalties for lack
of compliance.
 Cross-company
effort required to
comply.
GDPR
(2018)
Browsers
(2019)
CCPA
(2020)

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Juggling This is Hard
For some
publishers, cookie-
derived ad
revenue
represents nearly
80% of their
operating revenue
base.
Legislative,
advertising, and
platform
ecosystems are
not in synch and
vary from state to
state.
Publishers,
advertisers, ad
tech, and
platforms are
often running in
different
directions.
Compliance is
complex. UX is
difficult. Tech and
personnel impacts
are expensive.

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Impacts of Going Cookie-less
Impacts all
aspects of our
customer
relationship
Represents
significant
portions of
digital
revenue—not
just ads
Vendor
compliance is
critical
Severe
financial
penalties
Uncovering the
unknowns and
unintended

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It’s going to be a tough 18-24 months for many of us in the space as we attempt to
begin operating in a more privacy-focused environment.
While there is some opportunity to pivot to contextual, many, many publishers will
get left by the wayside.
Publisher first-party data will be an important part of the equation, but for many of
us, our distributed audience models mean that our files will not be nearly as big as
what FACEBOOK and Google have access to.
Advertisers are not equipped to pivot away from strategies that have worked for
them, and will further concentrate dollars where they feel safest and where they
can maintain efficiencies of scale.
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What’s it Going to Look Like?

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The thing is, we do need this. Giving users more control over their privacy is a key
to maintaining an open internet that provides safety and transparency.
Moving back to contextual will provide some positive differentiation for some
publishers versus the duopoly.
The cookie will be replaced with a healthier alternative geared to toward enabling
audience targeting without all of the unintended consequences of privacy intrusion.
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Bright Spots