Advertising agencies have faced many significant shifts in the media landscape over the last century, and with every new medium, they have adapted and thrived. The tsunami of AI technology is the latest seismic shift to create new forms of consumer engagement, from chat to agentic commerce. But it is also much more than that -- it is a fundamental rewiring of how agencies operate. Long-time industry analyst and Dstillery CEO Michael Beebe sits down with two architects of the agency holdco model -- David Bell and Sir Martin Sorrell -- for a candid conversation about the critical choices facing agencies today. As the industry enters a new era, the biggest question may not be who has the largest network, but who is building the smartest one.