04:28 PM EDT, 03/14/2025 (MT Newswires) -- (Updates with Coca-Cola's response in the fourth and fifth paragraphs.)

WPP ( WPP ) lost Coca-Cola's (KO) media buying and planning account in the US and Canada to French rival Publicis after a competitive review, the Financial Times reported Friday, citing three people familiar with the matter.

Coca-Cola spends about $800 million a year on overall billings in North America, the report said.

WPP ( WPP ) will continue as Coca-Cola's global marketing partner and remain responsible for media outside North America as well as creative work, according to the report.

WPP ( WPP ) is Coca-Cola's only "global marketing partner," and the companies are close to renewing their worldwide agreement, the beverage maker said in an emailed statement to MT Newswires.

"After careful consideration, Coca-Cola is adding Publicis as a complementary partner for its U.S. and Canada media business," the beverage maker said.

WPP ( WPP ) and Publicis didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)