This study assesses the impact of losing third-party cookies on publishers' ad revenue, arguing that previous studies misrepresented the effects by not distinguishing between revenue losses for publishers versus ad tech intermediaries. It concludes that while advertisers may see significant drops in CPM due to the absence of cookies, publishers' media CPMs remain largely unchanged, suggesting that the revenue loss for publishers is minimal. The research uses a methodology focused on direct observations of media CPM rather than using advertisers' CPMs, which include additional fees for ad tech services.