Coca-Cola is set to review its mammoth global media agency account, thought to be worth in the order of AU$7.5 billion.
WPP currently holds the global account and has done so since late 2021.
WPP lost the North America portion of the account in 2025 to Publicis Groupe. Dentsu holds the Coca Cola’s account in Japan and Korea. Those markets are not included in the global review, as first reported by Ad Age.
WPP currently holds the global account, having beaten out Publicis Groupe to win the business in late 2021.
To service the account, WPP stood up a dedicated unit called OpenX, which took responsibility for Coca-Cola’s media, creative and production needs across more than 200 countries.
Publicis, having finished second in that original pitch, has since clawed back ground picking up the North America portion of the business in 2025.
In a statement to Ad Age Coca-Cola confirmed that the media review “coincides with a contract renewal cycle following the start of our five-year partnership with WPP Open X, which has helped to modernise our marketing approach and deliver significant business value,”
The beverages giant added: “global creative and PR disciplines are not in scope of this review and will remain with WPP Open X.”
Dentsu, which was brought on alongside WPP in 2021 to handle select Asian markets, retains its role in Japan and Korea.
The global account recorded US$5.4 billion in ad expenses in 2025.
A WPP spokesperson said: “We are proud to serve as The Coca-Cola Company’s global network partner. The upcoming five-year contract renewal process coincides with Coca-Cola’s Next Chapter initiative, and we will continue to transform our capabilities in lockstep with them. We welcome the opportunity to showcase how our integrated media, data science, and agentic technology platform and solutions will continue to drive future growth across their key global markets.”
Publicis Groupe declined to comment. B&T contacted Coca-Cola for comment.
