In today's ExchangeWire News Digest: Google AI Overviews harming search referral traffic by up to 25%; Netflix more than doubles US Upfront commitments; and MSQ Partners rules out potential S4 Capital merger.

Google AI Overviews harming referral traffic by up to 25%

A study released by publisher trade organisation Digital Content Next (DCN) indicates that Google AI Overviews, now expanded into AI Mode, is harming publisher referral traffic from Google Search by up to 25%. Median referral traffic to “premium” publishers fell 10%, whilst non-news publications took the largest average hit of 14%, compared to news brands’ 7%. The study follows similar findings released last year, however the latest figures suggest that AI Overviews could be having a more deleterious effect on referral traffic than previously thought.

Netflix more than doubles US Upfront commitments

Netflix has announced its results from its 2025 US Upfront, reporting that overall commitments have more than doubled since last year, with year-over-year growth in multiple segments such as retail, CPG, and telecommunications. Alongside reporting its upfronts results, Netflix widely discusses its recent efforts across advertising technology, specifically its upcoming programmatic integration with Yahoo DSP, international measurement partnerships, and expansion of language-based targeting.

MSQ Partners rules out potential S4 Capital merger

London-based marketing agency MSQ Partners has ruled out a potential merger with fellow advertising group S4 Capital. Despite S4 Capital releasing a statement that it had received a formal proposal, MSQ Partners states that its directors have “not been involved in discussions regarding, or considered any proposal for, the Rumoured Transaction”, instead that talks “may” have taken place between S4 Capital and MSQ Partners’ majority owner One Equity Partners.