A spokesperson for AT&T declined to comment on the reported selling of Xandr.
Shiv Gupta, a former adtech executive and founder at adtech and martech education company U of Digital, said while Facebook, Google, and Amazon face too much antitrust scrutiny to make big acquisitions, Snap or Twitter could be interested in adtech to expand their direct-response ad businesses.
KKR and Carlyle are logical potential buyers because they've looked at this area a lot, Ferengul said. S4, meanwhile, has been acquiring specialized firms like Amazon agency Orca Pacific and analytics firm Brightblue Consulting to compete with holding companies including WPP and Omnicom.Other observers see Amazon and other online retailers as potential acquirers as they've been building up their advertising businesses over the years. Amazon leads the pack, and Walmart, Target and others are trying to catch up.
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