WPP Secures Coca-Cola Global Media Business After 'Shootout' With Publicis
The advertising giant WPP (LON: WPP) is set to retain The Coca-Cola Company's global media business, according to a report from AdAge. This news comes as something of a relief for WPP, which beat rival Publicis Groupe for the account in late 2021 and has since built a dedicated unit to service the client.
The global review, managed by pitch consultant MediaSense, had pitted WPP against Publicis in what was described as a closely watched 'shootout'. The expected win marks a key milestone for WPP, which has been facing intensifying competition from Publicis for major global accounts.
WPP's shares have staged a recovery in recent months, closing at 367.1p on the London Stock Exchange after hitting lows near 245p in early July. The company is likely to be seen as a net positive for sentiment heading into the review's formal conclusion.