Publicis Groupe has taken a chunk of business from Coca-Cola, a major client of WPP.
Various reports put the value of the win, the US and Canadian media buying, at more than $US700 million.
Coca-Cola’s total global ad spend is more than $4 billion.
The Financial Times reported that WPP was still Coca-Cola’s “global marketing partner”.
Coca-Cola and WPP’s media unit GroupM were at an advanced stage of talks to renew this global partnership. Brian Lesser, appointed GroupM CEO last year, was said to be deeply involved.
“Over the course of more than three years, the partnership with WPP has delivered significant value to Coca-Cola,” said a spokesman Coca-Cola
“After careful consideration, Coca-Cola is adding Publicis as a complementary partner for its US and Canada media business.”
WPP in 2021 won a pitch against Publicis to be Coca-Cola’s global network partner and set up a bespoke team, Open X, to run the account.
The London-based WPP has been under pressure on several fronts.
The company posted full year revenue for 2024 at a negative 1% and forecasts more dips to come at -2% for 2025.
WPP is also facing anger from staff over a return to office order, and its shares are taking a beating from investors.
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