Spanish telecoms titan Telefonica has axed incumbent Young & Rubicam from the shortlist of shops competing for its estimated $55 million creative account covering Spain and several Latin American markets [WAMN: 05-Oct-01].

Through its Madrid unit AdHoc, Y&R has held the account for only two years. Its unexpected exit leaves just three from an initial shortlist of seven to slug it out for the glittering prize.

When invited to confirm the situation, a guarda silencio reigned at Telefonica and the surviving shops – Bassat Ogilvy & Mather, Publicis and Tandem DDB.

News source: AdAge Global