WPP Set to Retain Coca-Cola’s Global Media Business as Shares Hold Near Recent Highs – AdAge Reports

WPP (LON: WPP) is on course to win The Coca-Cola Company’s global media, data and technology review, Ad Age reported on Friday, extending a relationship that dates back to when the advertising giant beat rival Publicis Groupe for the account in late 2021.

According to the report, WPP will retain the global mandate but will not participate in Coca-Cola’s separate North America media pitch, a review the beverage giant launched after Publicis stunned Madison Avenue by winning PepsiCo’s $1.7 billion global media account earlier this month.

The global review, which also covered data and technology services, had pitted WPP against Publicis in a closely watched “shootout,” with Coca-Cola enlisting pitch consultant MediaSense to manage the process. WPP’s expected win comes as something of a relief for the London-listed group, which built a dedicated Coca-Cola-focused unit to service the account after its 2021 victory.

News of the retained business lands as WPP shares have staged somewhat of a recovery in recent months. The stock closed at 367.1p on the London Stock Exchange, up sharply from lows near 245p in early July, though it slipped roughly 0.6% on the day amid a choppier tone in recent sessions after touching highs above 410p in early August.

Investors have been rewarding signs of stabilization at WPP after a turbulent stretch for the wider ad-holding sector, which has faced intensifying competition from Publicis for major global accounts. Confirmation of the Coca-Cola retention, while ceding the smaller North America media piece, is likely to be read as a net positive for sentiment toward the stock heading into the review’s formal conclusion.