Publicis Groupe won Coca-Cola’s U.S. and Canadian media planning and buying account, a major victory taken from incumbent WPP, industry sources said, “The win, the outcome of a behind-closed-doors review, shakes up Coca-Cola’s agency setup in North America.”
While WPP holds onto Coca-Cola’s $4 billion integrated global account, won three and a half years ago, Publicis Groupe, its former runner-up, now holds the massive North American media budget, projected at $785 million in 2024 by Convergences.
The win adds Publicis Groupe’s expanding media roster, which newly acquired Pfizer and Hershey’s. Coca-Cola confirmed Publicis Groupe’s hiring as a “complementary partner” for U.S. and Canadian media, while reconfirming WPP as its “sole global marketing partner” with renewal talks ongoing.
For WPP, the loss of North American media, although a lesser part of their Coca-Cola business, is a significant reversal, especially in light of recent investor concerns in the wake of weaker financial performance. WPP’s GroupM, its media network, is one of their growth drivers.
Publicis Groupe’s success points to its consolidating media position, which helped drive its updated 2024 earnings guidance and reflects a dynamic change in the competitive dynamics of large advertising holding companies.
