Google advertising monopoly exposed in new book
Former executive documents secret programs Bernanke and Poirot used to manipulate auction systems.

Former Google executive Ari Paparo released Yield: How Google Bought, Built, and Bullied Its Way to Advertising Dominance on August 5, 2025, exposing internal manipulation schemes that helped the tech giant achieve monopolistic control over digital advertising markets. The 395-page book documents how Google leveraged secret programs with codenames like "Bernanke" and "Poirot" to systematically extract revenue from publishers and advertisers across the $700 billion digital advertising ecosystem.
The release coincides with ongoing federal antitrust litigation where Google faces potential breakup following court rulings that found the company illegally monopolized key advertising markets. Paparo attended three weeks of testimony in the Eastern District of Virginia case, where internal Google documents revealed the extent of market manipulation tactics employed during what he calls the "hand in the cookie jar" era between 2013 and the mid-2010s.
Industry credentials support insider account
Paparo brings unique perspective from two decades in advertising technology. His experience includes serving as VP of Rich Media at DoubleClick from 2004 to 2008, followed by Product Director positions at Google from 2008 to 2010 after the $3.1 billion DoubleClick acquisition. He later co-founded Beeswax, building the first SaaS platform for transparent programmatic advertising that grew to over 100 employees and $40 million in revenue before Comcast's FreeWheel acquired it in 2021.
"To the extent my book Yield has a main character it is Jonathan Bellack, formerly head PM for the sell-side at Google," Paparo stated on August 6, 2025. Bellack, who led product management for the ad tech products central to the DOJ's antitrust case, provided the insider testimonial that validates Paparo's account. "I can vouch that the facts in this book are pretty accurate to my memory of what happened," Bellack confirmed in his newsletter review.
The author's technical contributions include creating the VAST (Video Ad Serving Template) standard for online video advertising through the Interactive Advertising Bureau. His patent work encompasses methods for determining impressions using distributed demographic information, demonstrating deep understanding of advertising measurement systems that underpin the modern internet's revenue model.
Industry insider validates book accuracy
Jonathan Bellack, the former Google executive who led product management for the advertising technology products at the center of the DOJ's antitrust case, provided a detailed review of Paparo's book that validates its technical accuracy and insider perspective. Writing in his newsletter Platformocracy on August 6, 2025, Bellack confirmed the book's factual reliability based on his direct involvement in the events described.
"I am mentioned in Yield a lot, since I led product management of the ad tech products at the heart of the DOJ's antitrust case against Google," Bellack wrote. "I am glad to report that Ari does just about the best possible job of telling an essential story about the back office of the Internet."
Bellack's endorsement carries significant weight given his central role in Google's advertising technology during the period covered in the book. He served as the primary product manager for sell-side advertising platforms and witnessed firsthand the internal discussions and strategic decisions that shaped Google's market approach. His validation addresses potential concerns about the book's accuracy from critics who might question an outsider's account of internal Google operations.
The former Google executive praised Paparo's ability to make complex technical concepts accessible to non-technical readers. "Ari succeeds at making this epic tale intelligible to the non-technical reader, starting with a useful glossary and timeline," Bellack noted. "His writing style is conversational but clear, walking patiently through a maze of technical terms like real-time bidding, demand-side platforms, and second-price versus first-price auctions."
Bellack also confirmed the accuracy of personal characterizations in the book, noting that Paparo describes him accurately as "a large, loud, and opinionated person" who performs impressions of former Microsoft CEO Steve Ballmer. This attention to personal detail demonstrates the thoroughness of Paparo's research and his commitment to portraying industry figures authentically rather than through corporate public relations filters.
The review highlighted the book's comprehensive reporting based on court testimony and depositions. "Ari's reporting is thorough and probing. I've had my memories of this era forcibly extruded over endless prep sessions with a parade of lawyers, culminating in 21 hours of depositions and testifying on the stand in Virginia," Bellack wrote. "Ari's versions are fairly accurate to my recollections, and his stories of other parts of the industry ring true to me."
Bellack's only criticism concerned Paparo's decision to remove himself from the narrative despite his central role in many of the events described. "My only reservation is that Ari erases himself from the story. Unless you read his author bio, you wouldn't know that he was in the middle of most of it," he observed. "The effect is reminiscent of reading a Daily Planet article where Clark Kent interviews Superman."
The former Google executive concluded by apologizing for an incident mentioned in the book where a publisher critic was reportedly refused a meeting. "I am grateful that Ari writes 'Jonathan is at heart a publisher guy, and by all accounts he really cared about the well-being of his customers,'" Bellack wrote, demonstrating the personal impact these industry relationships continue to have years after the events occurred.
Secret manipulation programs revealed
Court documents referenced in the book detail controversial internal Google programs that operated during the company's expansion into display advertising markets. Project Bernanke allegedly manipulated ad auction prices without advertiser knowledge, while Project Poirot involved secretive market manipulation tactics designed to advantage Google's own advertising exchange over competitors.
According to Paparo's research, Google's gTrade team modeled these programs after the company's successful Ads Quality team used to increase search advertising revenue. However, while Google owned both buy and sell sides in search advertising, the company occupied a fundamentally different position in display advertising as an intermediary between advertisers and publishers.
"The problem is, with Search, Google owns both the buy side and the sell side, so tweaking things to increase revenue wasn't ethically complicated," Paparo explained. "But when you're sitting between an advertiser and a publisher, both of whom are supposed to be your clients, and you start changing the auction mechanics, putting your finger on the scale, that's different."
Internal Google documents from 2015 revealed during antitrust proceedings show the company's dominant position on its own Ad Exchange platform. Google's Display Network won approximately 80% of mobile inventory and 60% of desktop inventory on the AdX platform, according to data shared by executives including Scott Spencer and David Goodman.
Acquisition strategy built monopolistic position
The timing of these manipulation programs coincided with Google's acquisition-driven expansion into display advertising. The company acquired DoubleClick for $3.1 billion in 2008, followed by the $400 million Admeld acquisition in 2011. By 2013, Google controlled the buyer, seller, and measurement functions for a significant portion of internet advertising transactions.
These internal statistics were considered sensitive enough that executives expressed reluctance to share them externally. Spencer stated that Google didn't "like to promote the percent of AdX won by GDN externally as it creates a perceived over-reliance on GDN," suggesting early awareness of potential antitrust concerns that would later materialize in federal court.
The book chronicles how Google's competitors struggled to match its network strategy. While companies like Yahoo, Microsoft, and AOL possessed significant owned-and-operated properties, they failed to develop comprehensive network approaches that could compete with Google's broader web monetization strategy.
"Google had a funny advantage. They didn't have any significant owned-and-operated display properties when they acquired DoubleClick," Paparo observed. YouTube remained small and advertisement-free at the time, while Google's major products like Search and Gmail were primarily text-based. This forced Google to focus entirely on network-based advertising across the entire web.
Coalition resistance efforts failed
Paparo documents attempts by major technology and media companies to counter Google's growing dominance. A coalition including Microsoft, AT&T, Verizon, News Corp, The Daily Mail, and Gannett coordinated efforts to resist Google's market consolidation according to the book's research.
Despite coordinated opposition from established industry players, their efforts proved insufficient to meaningfully constrain Google's advertising market expansion. Internal Facebook documents revealed during the trial showed that the social media giant considered the web advertising market unattractive specifically because "no matter what we do, we have to go through Google to get to web inventory."
This deterred Facebook's investment in web advertising, potentially preventing the emergence of a serious competitor to Google's dominance. The missed opportunity represents what Paparo describes as one of the significant "what if" scenarios that could have created more competitive markets.
Court vindication validates concerns
The book's release timing coincides with significant legal developments validating many of Paparo's documented concerns. On April 17, 2025, Judge Leonie Brinkema of the Eastern District of Virginia ruled that Google illegally monopolized digital advertising markets, violating Sections 1 and 2 of the Sherman Act.
The court found Google maintained a 91% market share in the publisher ad server market through anticompetitive practices, charging "supracompetitive fees" while restricting competition. Judge Brinkema's 115-page ruling detailed how Google implemented features called "First Look," "Last Look," and "Unified Pricing Rules" that disadvantaged competitors and restricted publishers' revenue diversification abilities.
Private plaintiffs have already begun leveraging the court's findings through collateral estoppel motions, seeking to prevent Google from relitigating established facts about its monopolistic conduct in subsequent private lawsuits. This legal strategy could accelerate additional litigation and increase total consequences for Google's anticompetitive behavior.
Impact on journalism revenue streams
The book addresses how Google's dominance affected revenue streams for online publishers, particularly news organizations and content creators dependent on digital advertising funding. By extracting approximately 20% of advertising dollars flowing through its exchange while impeding competition, Google reduced revenue available to fund digital journalism and online content creation.
However, Paparo notes that Google's ad-stack monopoly represents only part of the challenges facing journalism today. Consumer behavior shifts toward social media, mobile applications, and connected television represent more significant threats to traditional advertising-supported media models.
"The real problems for journalism today are more about consumer behavior—people moving to social, to apps, to CTV," according to the book. "That's what's eroding the traditional model. The ad-stack monopoly doesn't help, and you can make the case that journalism would be slightly better off if the ad-stack monopoly hadn't existed, but it's a secondary thing."
Technical complexity meets human narrative
Paparo wrote the book for a mainstream business audience interested in understanding how Big Tech companies achieve and maintain structural power. The narrative avoids dense technical explanations of advertising technology in favor of human stories that emerged from court testimony.
"They gaslit me," "They lied to me," "I felt powerless"—those sorts of conversations emerged from witness testimony, according to Paparo. The book transforms technical discussions about header bidding and auction mechanics into human stories filled with manipulation and missed opportunities that shaped the modern internet's advertising infrastructure.
His unique perspective combines insider knowledge from roles at DoubleClick during the Google acquisition, subsequent Google employment managing buy-side platform products including DFA and DoubleClick Rich Media, and later experience building competing advertising technology through Beeswax.
"I think the story of the financialization of advertising is a bit of a cautionary tale," Paparo explained. "It's obviously a better way to buy and sell advertising than the old, traditional way, but it opened up Pandora's box. It brought the relationships between advertisers and publishers and technology to a totally different place than anyone expected."
Marketing community implications
For marketing professionals managing campaigns across multiple platforms, Paparo's analysis offers insight into pricing variations, inventory availability patterns, and performance disparities between advertising channels. This understanding becomes particularly valuable when justifying platform choices to stakeholders or explaining campaign performance variations to clients.
The convergence of the book's release with ongoing federal litigation creates a particularly relevant moment for understanding Google's advertising practices. Legal proceedings have validated many market concentration concerns that the book documents through insider accounts and technical analysis.
Current remedies proceedings could result in court-ordered divestiture of key advertising technology assets, potentially reshaping the digital advertising landscape that marketing professionals navigate daily. The Department of Justice seeks complete divestiture of Google's ad exchange and phased divestiture of its publisher ad server, which would fundamentally alter how campaigns are planned and executed across the web.
Industry reception and early reviews
The book achieved the #1 position in Amazon's advertising new releases category by June 7, 2025. Early customer reviews from verified purchases praise the author's clear explanation of complex systems and technical accuracy of insider accounts.
"Anyone who cares about the Internet should read this book," wrote Jonathan Bellack in his review. "Ari explains how online advertising shifted from old-school handshake deals to massive, real-time auction systems that work more like the stock market. He explains how Google became a leader of this transition, and faced big legal trouble as a result."
Industry figures including Michael Shields noted the book's comprehensive coverage of both technical details and back-room drama. "If you've ever wondered, how could Google be allowed to be an ad seller, run a buying platform, and an ad exchange, and the government just let that happen?" Shields wrote. "Well, it turns out, it's really complicated, and Google was pretty devious."
The 368-page book includes dozens of first-hand accounts, analysis of thousands of pages of court documents, and insights from Paparo's experience as an employee across multiple companies involved in the advertising technology ecosystem.
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Timeline
- 2008: Google acquires DoubleClick for $3.1 billion, obtaining dominant publisher ad server and ad exchange
- 2011: Google acquires Admeld, yield management tool helping publishers optimize ad network decisions
- 2013-2016: Implementation of secret projects "Bernanke," "Poirot," and "Bell" for market manipulation
- October 2020: Department of Justice files first monopolization case against Google focused on search
- January 24, 2023: US Justice Department files civil antitrust suit against Google for monopolizing digital advertising technologies
- September 2024: DOJ antitrust lawsuit against Google over advertising technology practices concludes after three weeks of testimony
- April 17, 2025: Eastern District of Virginia rules Google illegally monopolized digital advertising markets
- May 5, 2025: Both sides submit remedy proposals, with DOJ seeking breakup of Google's ad tech business
- June 7, 2025: Paparo announces book achieved #1 position in Amazon advertising new releases
- June 12, 2025: AdMonsters publishes interview with Paparo about "Yield" book
- June 20, 2025: First private collateral estoppel motion filed against Google based on Virginia antitrust ruling
- August 4, 2025: OpenX files follow-on antitrust lawsuit against Google seeking damages
- August 5, 2025: Scheduled publication date for "Yield: How Google Bought, Built, and Bullied Its Way to Advertising Dominance"
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Key terminology explained
Google: The tech giant operates as both the dominant search engine and advertising technology provider, controlling multiple layers of the digital advertising ecosystem. Through strategic acquisitions and internal development, Google built an integrated platform that manages ad serving, exchange operations, and buyer tools simultaneously. This vertical integration allowed Google to extract revenue from multiple points in each advertising transaction while maintaining visibility into competitor strategies and pricing.
Advertising: Digital advertising represents the primary revenue model supporting free content across the internet, from news websites to social media platforms. The shift from traditional print and broadcast advertising to programmatic digital systems created new opportunities for technological manipulation and market concentration. Modern advertising technology operates through real-time auctions where ads compete for placement in milliseconds, generating hundreds of billions in annual revenue globally.
Markets: Digital advertising markets encompass distinct but interconnected segments including search advertising, display advertising, mobile advertising, and video advertising. Each market involves different technologies, pricing models, and competitive dynamics, though Google's strategy focused on controlling key infrastructure components across multiple markets. The court's antitrust ruling specifically addressed publisher ad server markets and ad exchange markets for open-web display advertising.
Antitrust: Federal antitrust laws, particularly the Sherman Act, prohibit monopolization and restraints on trade that harm competition and consumers. The government's case against Google represents one of the most significant antitrust prosecutions of a technology company in decades, focusing on how market dominance was achieved and maintained through exclusionary conduct. Antitrust enforcement aims to preserve competitive markets that benefit consumers through lower prices, higher quality, and continued innovation.
Publishers: Online publishers include news organizations, content creators, and website operators who rely on advertising revenue to fund their operations and provide free content to consumers. Google's dominance in advertising technology directly impacts publisher revenue streams by controlling how ads are sold, priced, and delivered across their websites. The court found that Google's practices reduced competition among ad tech providers, ultimately harming publishers' ability to maximize advertising revenue.
Book: "Yield: How Google Bought, Built, and Bullied Its Way to Advertising Dominance" provides the first comprehensive insider account of Google's advertising business practices from someone with direct experience in the industry. The 395-page book combines court testimony analysis, internal company documents, and first-hand accounts to document how technological advantages were leveraged for anticompetitive purposes. Paparo's narrative approach makes complex advertising technology accessible to general business audiences while maintaining technical accuracy.
Court: The Eastern District of Virginia federal court conducted a three-week bench trial examining Google's advertising technology practices, ultimately ruling that the company violated antitrust laws through monopolization and unlawful tying arrangements. Judge Leonie Brinkema's 115-page decision established key findings about market definitions, competitive harm, and Google's intent to maintain dominance through exclusionary conduct. The court's factual determinations now serve as the foundation for remedy proceedings and private litigation.
Advertising technology: Ad tech encompasses the software platforms, data systems, and algorithmic tools that enable automated buying and selling of digital advertising inventory. This technology stack includes demand-side platforms for advertisers, supply-side platforms for publishers, ad exchanges for auction facilitation, and data management platforms for audience targeting. Google's control over multiple ad tech components created conflicts of interest and opportunities for self-preferencing that competitors could not effectively counter.
Federal: Federal involvement in the Google antitrust case represents a significant shift in technology regulation, with the Department of Justice and state attorneys general coordinating prosecution efforts across multiple jurisdictions. Federal antitrust enforcement had been relatively dormant regarding technology companies for decades before recent cases against Google, Meta, Amazon, and Apple. The federal government's success in court validates concerns about Big Tech market concentration and signals continued regulatory scrutiny.
Monopoly: Google's monopoly in digital advertising markets was achieved through a combination of strategic acquisitions, technological barriers, and exclusionary practices that prevented meaningful competition. The court found that Google maintained monopoly power with market shares exceeding 90% in publisher ad servers and significant dominance in ad exchanges. Unlike natural monopolies that emerge from efficiency or innovation, Google's monopoly required ongoing anticompetitive conduct to suppress rival platforms and maintain artificially high profit margins.
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Summary
Who: Ari Paparo, CEO of Marketecture Media and industry veteran with over 20 years in advertising technology, authored the book. His experience includes senior roles at DoubleClick (VP Rich Media, 2004-2008), Google (Product Director for Advertiser Products, 2008-2010), and founding Beeswax, a programmatic advertising platform acquired by Comcast for over $40 million.
What: "Yield: How Google Bought, Built, and Bullied Its Way to Advertising Dominance" exposes secret internal programs like Bernanke and Poirot that Google used to manipulate advertising markets and squeeze competitors while building monopolistic control over the $700 billion digital advertising ecosystem.
When: The publication was released on August 5, 2025, coinciding with ongoing federal antitrust litigation against Google and following the April 17, 2025 court ruling that found Google illegally monopolized digital advertising markets.
Where: The book draws from testimony in the US Department of Justice's antitrust case against Google in the Eastern District of Virginia, where Paparo observed three weeks of proceedings and analyzed thousands of pages of court documents.
Why: The book matters because it provides insider documentation of how Google achieved monopolistic control over digital advertising markets worth hundreds of billions of dollars, affecting publishers, advertisers, and ultimately consumers across the internet while revealing the human stories behind technical manipulation that shaped the modern web's revenue model.