​On this week's #MediaSnack we ask whether the ANA's report into US media rebate practice, which has become known as #RebateGate has had any effect on Wall Street (and other financial market) valuations of the large marketing services groups like WPP, Omnicom, Publicis, IPG etc. Analyst perspective seems mixed, Morgan Stanley report the removal of the "overhang", whilst Brian Wieser is more cautious. The typical analyst questions to ID Comms have been: is this getting LEGAL? (maybe, unlikely, but not immediately) and will this trigger MediaPolooza 2.0 / Media Tsunami 2.0? (probably, again not immediately, likely to be in 2017 if so)We report on some of the many client calls and meetings we have had in the last 10 days which have tended to involve a calm and considered perspective and focus on immediate and long-term actions. We announced the release of the "Post-K2 Manifesto for Media Change" a simple 6-step practical guide to short and long-term actions which marketers need to consider, links to this are below. Next we discuss our plans for Cannes - Tom and David will be attending the world's largest annual communications festival which brings together leaders from the marketer, agency and vendor communities. We will be bringing #MediaSnack to Cannes with some great interviews lined up, check back next week. Finally, Tom is speaking at #TheIndieSummit - a gathering of some of the world's best independently owned creative, media and PR agencies.