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MediaBuyerPlanner: Visa plans to consolidate its media planning and buying duties with a single agency and has invited four holding companies - Omnicom Group, WPP Group, Publicis Groupe and Aegis Group - to pitch, writes Adweek.
The consolidation is taking place in order to manage advertising spend more effectively and to simplify agency relations, according to the company. The review should be completed by the end of the year.
Visa spends about $650 million globally per year, according to sources, with $440 million in the U.S. in 2006 (per Nielsen Monitor-Plus).
Visa is the second major company to announce a media review this week. Yesterday AT&T announced its intention to consolidate media buying and planning on its $3.4 billion account.
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