Coca-Cola narrows U.S. media review to WPP and Publicis Groupe

The Coca-Cola Company has shortlisted incumbent WPP and Publicis Groupe as finalists in its closed-door review of U.S. media operations, ADWEEK reported.

WPP has held the account since 2021, when it secured Coca-Cola’s global business and established Open X, a dedicated team managing the approximately $4 billion account. Publicis was the runner-up in that review. The arrangement granted Open X control over Coca-Cola’s marketing portfolio across more than 200 countries, handling media, creative, and production services.

Reportedly, Coca-Cola at the time also brought in Dentsu as a complementary media partner to provide specialized capabilities in select Asian markets. Additionally, an “open-source strategic roster” was created, allocating one-third of marketing work to agencies including Publicis and IPG.

The review comes at a crucial time for WPP, which recently missed analyst expectations in its February earnings report, forecasting a revenue decline of up to 2% for 2025. CEO Mark Read expressed confidence in a turnaround strategy focused on strengthening GroupM, WPP’s media investment arm, to drive growth.

Coca-Cola, on the other hand, remains on an upward trajectory, reporting a net revenue of $47.1 billion in 2024, a 3% increase from the previous year. The company anticipates organic revenue growth of 5% to 6% in 2025.

During a February earnings call, Coca-Cola CEO James Quincey emphasized the impact of the company’s marketing initiatives, noting that retail sales of the Coca-Cola brand have surged by $40 billion over the past three years. Looking ahead, he confirmed Coca-Cola’s commitment to increasing its marketing investments, stating, "We are going to invest from the marketing all the way down."