Champagne corks are popping at Carat, the international media planning/buying shop owned by London-headquartered Aegis Group.

Philips Electronics has awarded the Carat network its $600 million consolidated global media buying and planning business, propelling the agency into the world super-league, especially in the USA where it is currently celebrating another recent gain – Pfizer’s estimated $700 million media business.

Drowning their sorrows are the other finalists on the Philips pitch – Initiative Media (Interpublic Group) and MediaVest (Bcom3 Group), although the latter will continue to handle the client’s Latin American duties for a period before their transfer to Carat, says an insider.

News source: Advertising Age - Daily Deadline