Observed Signal · Aug 18, 2025 · Partnership · Source: Marketecture · Impact: 2/5 · Sentiment: Neutral
Walmart Renegotiates Non-Exclusive Trade Desk Deal
Marketecture reports The Information’s Catherine Perloff story that Walmart and The Trade Desk are moving toward a non-exclusive arrangement, renegotiating a deal that had previously given TTD exclusive retargeting access. Under the described terms, Walmart uses TTD as its exclusive retargeting partner, but Walmart data can be accessed for programmatic through TTD, and customers are encouraged to use TTD while Walmart data supports campaign performance and attribution for media bought via TTD. Walmart Connect has posted 31% year-over-year growth, underscoring momentum in Walmart’s programmatic efforts. The piece contrasts Walmart’s unique data and supply with rivals—Google’s data and YouTube supply via DV360, Amazon data with Fire TV, and Yahoo data—and notes Walgreens has pursued a similar arrangement. It outlines two theories for the renegotiation: lowering prices in vendor negotiations, and a strategic move to multihome or own the tech ecosystem. The article discusses potential Walmart DSP acquisition options (Yahoo DSP or Criteo) and compares company valuations, while predicting any impact may unfold by 2026.
Renegotiation of a major retailer's DSP partnership with potential strategic implications for DSP competition and retail media.
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Key Takeaways & Evidence Grounding
- Walmart renegotiated its partnership with The Trade Desk to be non-exclusive due to costs.
- Under the current deal, Walmart uses The Trade Desk as its exclusive retargeting partner; Walmart data can be accessed for programmatic through The Trade Desk; customers are encouraged to use The Trade Desk and can access Walmart data for campaign performance and attribution on media bought via The Trade Desk.
- Walmart Connect has recently shown 31% YoY growth.
- DV360 (Google data and YouTube supply), Amazon (Amazon data and FireTV supply), and Yahoo (Yahoo data) are cited as top DSP competitors.
- TTD reportedly bolstered its position with Walgreens in a similar arrangement.
- Two theories for the renegotiation: lowering prices or a strategic move to multi-home or own the DSP technology.
- Potential Walmart acquisition options discussed: Yahoo DSP or Criteo; and a hypothetical Walmart acquisition of The Trade Desk.
- Walmart's approximate market cap is ~$805 billion; The Trade Desk’s market cap is ~ $25 billion; Vizio acquisition was $2.3 billion.
- Impact of the renegotiation could be felt around 2026.
Connected Companies & Entities
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