The economics of building an agency have changed. Private equity has moved deeper into marketing services, the holding company model is under real pressure, and AI is reshaping what kinds of agencies get built and bought. In this session, ADWEEK’s Will Lee and Evros Group’s Andreas Roell discuss what's actually shifting in the market and what it means for the people building, running, and investing in this industry. The conversation marks the launch of ADWEEK Dealroom, a new editorial channel covering the M&A activity, valuations, and strategic moves that owners and operators need to navigate this market.