As a media agency these days, you're either under siege or flush with opportunity.
It became clear this week that Visa and Coty are searching for agencies to handle their global media, adding to a conga line that includes Unilever, SC Johnson, L'Oréal and Scotts Miracle-Gro. Collectively, those six companies spend a staggering $8.43 billion in media each year. So, again, you're either contemplating a big score or a major revenue loss depending on whether you're prospecting or defending.
OMD is defending in Visa's review but not in the Coty search, in part, sources said, because the cosmetics giant is pushing for more time to pay agencies—up to 150 days, according to the company's proposed media planning and purchasing agreement. (OMD is among three roster shops that handle Coty business around the world.) The Visa and Coty contests are expected to stretch into June.
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