Philips Narrows $600m Review to Two

06 April 2001

Two networks remain in the running for the $600 million consolidated global media planning and buying duties of Dutch-headquartered Philips ElectronicsCarat (part of the Aegis Group) and Initiative Worldwide (Interpublic).

Falling by the wayside are Starcom MediaVest (Bcom3), OMD (Omnicom) and MindShare (WPP). Initiative only entered the contest last week [WAMN: 29-Mar-01], replacing Zenith Media.

Philips executives are due to meet over the next fortnight at the North American headquarters of the two surviving shops. When the review was first announced in February, a decision was slated for June [WAMN: 23-Feb-01]. However, the process seems to be moving more quickly than anticipated.

News source: Advertising Age - Daily Deadline