Netherlands-headquartered multinational Philips Electronics has for the first time put its worldwide media planning and buying business – estimated annual worth $600 million – up for grabs.

A brief has been handed to five global networks, said to include European incumbent Carat and MediaVest SMG Worldwide, which handles the Philips account in the USA, Japan and Hong Kong. The review will be managed by UK consultancy Media Audits.

Says Philips’ senior spoke Inge Wallage: “It is true that we have put out a request for a proposal to five media groups, because we are looking for a global planning and buying agency. We expect a decision to be taken by June.”

News Source: CampaignLive (UK)