Podcast Summary: AdExchanger Talks – Freestar's CEO On Why Ad Tech Transparency Is A Boon For Struggling Publishers

Date: February 17, 2026
Host: Anthony Vargas (AdExchanger Senior Editor)
Guest: Kurt Donnell (CEO, Freestar)

Episode Overview

This episode explores the state of publisher monetization amidst declining referral traffic and increased buyer demand for quality and transparency. Kurt Donnell, CEO of Freestar, discusses the changing reputation of ad networks, industry efforts towards greater programmatic transparency, ongoing tension between ad tech players, and how publishers can navigate disruption from generative AI and evolving ad tech standards.

Key Discussion Points & Insights

1. The Evolving Reputation of Ad Networks

• Once a "bad word," the term "ad network" has shed much of its negative stigma in recent years.
• Kurt observes an industry shift:
  • Quote [04:29]:
    “I think there was a realization that publishers just can’t do this on their own... There’s so much fragmentation of the tools to do this right.” – Kurt Donnell
• Ad networks are now seen as delivering scale, technical resources, and rigorous inventory vetting—becoming a "seal of approval" for quality.

2. The Push for Radical Transparency in Ad Tech

• Transparency has become a major priority for both the buy and sell sides.
• The Media Rating Council's (MRC) auction transparency initiative and IAB Programmatic Governance Council efforts signal progress.
• Cooperation is Key:
  • Quote [07:29]:
    “It’s that working together element that hadn’t changed before… The real fight is the open Internet versus social [media] and CTV. Until we start acting as a more unified open Internet supply chain... it's going to be tough.” – Kurt Donnell
• Agriculture analogies are common: transparency and quality certifications likened to organic labeling and grocery retail.

3. The TID (Transaction ID) Debate and Industry Impact

• The 2025 spat between The Trade Desk and Prebid over transaction IDs (TIDs) was disruptive, but sparked much-needed buy-side and sell-side dialogue and policy clarity.
• Kurt supports transparency around auction IDs but cautions against fraudulent bid duplication, which devalues CPMs and industry trust.
  • Quote [12:56]:
    “If we clean up [fraudulent duplications], there’s actually a chance for CPMs to go up as well.” – Kurt Donnell

4. Resellers and the “Flight to Quality”

• The role of SSPs, ad networks, and the concern over “reselling” is hotly debated.
• Kurt draws a distinction between ad networks like Freestar (which have exclusive supply relationships) and less direct resellers:
  • Quote [14:41]:
    “The distinction I would draw is that we exclusively represent the supply and you can’t get it elsewhere. The publishers, many of them, would be out of business if we didn’t exist.” – Kurt Donnell
• He stresses the market efficiency and sustainability benefits of scaled ad networks for both buyers and smaller publishers.

5. The Trade Desk’s OpenPath and Buy-Side Relations

• Despite The Trade Desk’s public tough stance on resellers, Freestar continues to see strong results from Trade Desk partnerships:
  • Quote [16:53]:
    “More dollars are flowing through the OpenPath pipes than they were before… That’s a sign of maturity in any market.” – Kurt Donnell
• Kurt frames vertical integration (DSPs working directly with publishers) as a natural evolution in a maturing industry, not a threat to competition.

6. Redefining the “Us vs Them” Battle

• Jeff Green (The Trade Desk) advocated for focusing on the real value divide—quality publishers vs. low-quality/made-for-advertising (MFA) sites.
• Kurt agrees but is nuanced:
  • Quote [19:46]:
    “I believe in journalism… Those folks getting their fair share of the pie is important. If they’re getting inordinately hurt because of [gamesmanship], that kind of sucks.” – Kurt Donnell

7. Publisher Representation in Industry Groups (Prebid)

• Concerns exist that large ad networks (Freestar, Raptive, Mediavine) exert too much control over Prebid and similar initiatives.
• Kurt counters that their involvement brings much-needed resources and practical publisher perspective:
  • Quote [22:14]:
    “We probably have the best view of what matters [to publishers]. Is it the right amount [of influence]? Is it too much? I don’t know… People just need to step up, and if they don’t like something, do something.” – Kurt Donnell

8. Media Quality Measurement and Market Signals

• Tools like OpenEDS, OpenSensera, Pub Desk (from Trade Desk), Jounce Media, Deepsea, and Gamera are lauded for clarifying expectations and providing verification for quality.
• Kurt embraces third-party certification as necessary for creating a “farm to table” supply chain and securing more ad spend for quality publishers:
  • Quote [32:00]:
    “I can only play or win a game when I know the rules are… The signal was missing and it was convoluted. But being able to say with some certainty, ‘This is what I want, and I need to be able to verify that,’ [is key].” – Kurt Donnell

9. The MRC's Auction Transparency Certification

• The recently published standard is complex but a “move in the right direction.”
• Kurt is encouraged by reciprocal requirements (e.g., requiring publishers/SSPs to provide TIDs, but also requiring buyers to share more about their bidding):
  • Quote [37:07]:
    “I love that [the new rules are] a solution that gets us talking. Multi-bid is a very nice solution… and a quid pro quo that’s fair.” – Kurt Donnell

10. The Generative AI Search “Elephant in the Room”

• Gen AI tools are dramatically reducing publisher search traffic; News and long-tail publishers are hardest-hit.
• Some Freestar publishers have managed to reverse losses (5% traffic uptick) by building strong brands, first-party relationships, and offering unique utility:
  • Quote [39:50]:
    “Publishers need to be brands themselves… Google doesn’t owe you a business model. Brands need to do that same thing—make your customer loyal to you versus someplace else.” – Kurt Donnell

11. Publishers Using AI to Compete

• AI is being deployed for content creation (with editorial oversight), site experience optimization, and reader engagement.
• Kurt sees curated, branded, value-rich experiences (e.g., interactive content, personalized newsletters) as the path forward. He’s bullish on AI-powered on-site “answer engines” and conversational tools that keep readers engaged.
  • Quote [43:27]:
    “Smartly using AI in creating content is a good thing… The world changes from writers to editors in a lot of ways, and I think that’s smart and efficient.” – Kurt Donnell

12. Agentic AI & Future of Programmatic

• Kurt is cautiously optimistic about “agentic AI” (agents negotiating and transacting media buys on behalf of publishers and buyers), but sees it as not fully baked yet.
  • Quote [46:17]:
    “It’s important for us to work through. It’ll make it more efficient and hopefully more performant for advertisers, which then raises rates for publishers. I don’t think we’re quite there yet.” – Kurt Donnell

13. Freestar’s Trajectory and Support for Publishers

• Freestar continues to grow, albeit at a maturing pace. Their focus: broad, holistic support for publishers—beyond just monetization, offering consulting, compliance insights, and bespoke solutions for a diversified publisher base.
  • Quote [48:03]:
    “It’s freaking tough for publishers right now… The role of Freestar… is we’re kind of more than monetization. We bring solution after solution… and that’s something we’ve really prided ourselves on.” – Kurt Donnell

Memorable Quotes with Timestamps

• “There’s so much fragmentation of the tools to do this right. Publishers just can’t do this on their own.” – Kurt Donnell [04:29]
• “I think the real fight is the open Internet versus social… until we start acting as a more unified open Internet supply chain… it’s going to be tough.” – Kurt Donnell [07:29]
• “If we clean that up [fraudulent duplications], there’s actually a chance for CPMs to go up as well.” – Kurt Donnell [12:56]
• “We exclusively represent the supply and you can’t get it elsewhere. The publishers… would be out of business if we didn’t exist.” – Kurt Donnell [14:41]
• “Publishers need to be brands themselves… Google doesn’t owe you a business model.” – Kurt Donnell [39:50]
• “Smartly using AI and creating content is a good thing, but it still needs an editorial touch.” – Kurt Donnell [43:27]
• “It’s important for us to work through [agentic AI]… I don’t think we’re quite there yet.” – Kurt Donnell [46:17]

Important Timestamps

• 03:10: Kurt’s background/relationship to “recipe sites” and publisher needs
• 04:29: Changing reputation and perception of ad networks
• 07:29: Early signs of improved transparency and industry collaboration
• 10:44–12:56: The Trade Desk/Prebid transaction ID (TID) dust-up and lessons learned
• 14:41: The problem (and value) of resellers in supply chains
• 16:53: DSPs going direct, vertical integration, and OpenPath/Trade Desk data
• 19:46: Jeff Green’s “us vs them” and publisher value debate
• 22:14: Large ad networks’ involvement in Prebid and representation concerns
• 29:44: Media quality measurement tools and publisher experience
• 34:44: The new MRC auction transparency requirements and reciprocal standards
• 39:50: Gen AI’s impact on publisher traffic and strategies to counteract
• 43:27: Publishers using AI to enhance their offering and reader retention
• 46:17: Agentic AI and the programmatic future
• 48:03: Freestar’s current growth and expanded support for publishers

Conclusion

Kurt Donnell makes the case for why publisher ad networks and robust, transparent programmatic supply chains are more essential than ever, especially as publishers face dual threats from AI and shrinking referral traffic. He argues for collaboration—both within the open web ecosystem and between buyers and sellers. The podcast provides both a reality check on industry upheaval and actionable optimism for publishers striving to remain relevant and competitive.

For those in publishing or ad tech, this episode is a must-listen for practical insight on how to survive—and hopefully thrive—in a world where transparency, collaboration, and agility are non-negotiable.