This paper explores the status of advertising practitioners as cultural intermediaries and uses that analysis to think through the contested relationship between consumption and production, and culture and economy. Using examples and illustrations from interview data with advertising practitioners in the UK, I explore how the circulation of rhetoric in the advertising industry functions as one form of mediation performed by advertising practitioners. I argue that practitioners' role should not be understood solely in terms of a mediation between producer and consumer; instead, their role should be conceived in terms of a negotiation between multiple “regimes of mediation”, including that of the relationship between advertising agencies and their clients. Agencies perform commercial relationships, bringing them into being and constantly redefining them. Attending to these multiple modes of mediation opens up questions about the status of advertising, the role of cultural intermediaries, and the relationship between production and consumption, economy and culture.