[character0]

I agree with the above sentiment. To elaborate on who gets hurt, the problem is that small publishers get squeezed. If you're ESPN, you can create a private exchange, keep a strong agency sales force, and keep up your prices. However, the smaller publishers will not have the ability to reach the buyers except through these compromised exchanges. If the buyers flee the open markets, the smaller pubs have to band together into networks again or try their luck with programmatic direct (Pubmatic is making a push for this with their recent acquisitions). We go back to a world of media buying that looks more like TV; we become a lot less fluid.