Coca-Cola's Media Review Narrows to Three Giants: Who Will Win the $2.5B Prize?

The battle for Coca-Cola's global media account is down to three heavyweight contenders: WPP, Publicis Groupe, and Omnicom, after Dentsu was cut from the race, according to a report in Campaign.

Industry insiders suggest Publicis is currently the frontrunner, though Coca-Cola has not confirmed a decision. The review covers most markets worldwide, excluding North America (already won by Publicis in 2025) and Japan/Korea (served by Dentsu).

Key details:

• Incumbent: WPP Media via its bespoke Open X model holds the account in Australia, Asia, the UK, Europe, most of Latin America, and the Middle East.
• Australia: EssenceMediacom is the media agency of record, while VML, Ogilvy, and Emotive handle creative and PR (not part of this review).
• Spend: Coca-Cola reported $5.4 billion in advertising expenses in 2025, with around $2.5 billion in paid media.
• Major sponsorships: FIFA World Cup, Rugby World Cup, Olympic Games, and NRL.

Coca-Cola's marketing leadership sees major events like the World Cup as a huge opportunity to connect with audiences in culturally relevant moments, as noted by Martyn Ferguson, senior director of marketing for Coca-Cola South Pacific.

This review is one of the most anticipated in the advertising world, given Coca-Cola's status as a top-tier global advertiser.