The spate of recent big agency acquisitions aren't a sign of the industry's weakness, but represent a major realignment in which online giants like Google and Yahoo! will be calling the shots with major marketers and consumers, according to Jeffrey F. Rayport, founder and chairman of Marketspace. "In that sense, the rumors of advertising's demise have been both greatly exaggerated ... and dramatically understated," he writes, adding: "Advertising is dead. Long live advertising."

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