What you need to know in advertising today

The ad agency model continues to be under threat from management consultancies, which claim that they can meet the needs of modern CEOs and CMOs by integrating traditional creative with business and tech strategy far better than classic ad agencies can.

Accenture Interactive, the agency wing of consulting giant Accenture, is no different. It is not only the largest digital agency in the world in terms of revenue, but continues to expand at a frenetic pace, making 12 acquisitions in the past 15 months and opening new offices across the globe.

While Accenture's existing relationships with Fortune 100 companies have helped steer Accenture Interactive's business, it has plenty of other things going for it, says Accenture Interactive head Brian Whipple.

To read more about how Whipple thinks consultancies have an edge over ad agencies and why it would never make an ad for Olive Garden, click here.

In other news:

Cheddar, the CNBC for millennials, is now valued at $160 million after its latest funding round. The two-year-old 'post cable' network is planning to expand internationally while adding a second network in the US.

The FTC is reportedly investigating Facebook over its use of people's personal data in wake of Cambridge Analytica scandal. Bloomberg, citing an anonymous source, reports that the FTC will examine whether the social media company violated consumer consent in handling people's personal data.

Facebook's stock price got hammered Monday as politicians lined up to slam the company over the way it policed third-party use of user data. The firm had dropped around $35 billion by close of trading.

Facebook's stock structure gives Mark Zuckerberg a blank check - investors were OK with that, but the world can't afford to be. Despite the crisis, there's little chance Zuckerberg can be held to account by shareholders or the general public.

A Business Insider investigation has found it's incredibly easy to buy illegal fake luxury goods on Facebook Marketplace, with few protections for buyers in place. We spoke to sellers who tried to obtain our bank details and phone numbers.

Facebook's longtime and vocal head of security, Alex Stamos, may leave the company in August because he disagrees with how it handles big issues like fake news. Stamos merely commented on Twitter that "it's true" his role at Facebook had now changed, but didn't confirm or deny his departure.

Amazon is tracking how many people return to its cashierless Go supermarket after an initial visit. Shopping frequency will probably help determine whether Amazon decides to expand the concept.

The new global CEO of digital ad agency Cadreon wants to help advertisers navigate 'a maelstrom of nefariousness' in the ad tech sector. Erica Schmidt is the new global CEO of Cadreon, the programmatic media-buying division of the ad giant IPG.

Google has announced that it is teaming up with a host of major traditional retailers to turn product searches into ads, allowing them to list their products directly on search results, its Express shopping service and its voice assistant. Retailers will pay Google a share of each purchase made through its platforms.

Sign up for the Executive Summary, a new biweekly newsletter that brings the latest marketing news, trends, and company updates straight to your inbox.