Publicis Grabs PepsiCo's $1.7 Billion Media Account Without a Pitch, Then Walks Away From Coke

PepsiCo moved its global media account to Publicis Groupe at the start of September, and the fallout is still rippling through Madison Avenue a week later.

The account is worth an estimated $1.7 billion, though figures across outlets range as high as $1.9 billion depending on the tracker. PepsiCo spent $5.4 billion on marketing in 2025, including $3.4 billion on advertising, according to the company's own reporting cited by citybiz.co and media-marketing.

Omnicom's OMD network had run PepsiCo's media in major markets including the US and UK for more than two decades. That relationship is now over on the media side. PepsiCo says Omnicom stays on for creative, sports and public relations work through agencies including BBDO, TBWA and Goodby Silverstein & Partners, according to bandt.com.au and media-marketing.

No Pitch, No Warning

There was no competitive pitch. PepsiCo made the call after what it called a review of its partners' media capabilities, not a traditional shootout between agencies, according to bandt.com.au and adotat.

Adotat's reporting put it bluntly: "PepsiCo ran no media pitch." A global account of this size changed hands on a capabilities review alone. Business Insider's Madison Avenue sources described being deeply surprised by the news, with one marketing consultant reportedly reacting with an unprintable expletive.

Publicis wasn't a stranger to PepsiCo. The agency already ran PepsiCo's media across China, India, South Korea, Indonesia, the Philippines, Thailand, Vietnam, Taiwan, Malaysia and Hong Kong, plus parts of Eastern Europe, according to multiple outlets including medianews4u and citybiz.co.

PepsiCo framed the move as building a unified "One PepsiCo" model, using AI and data to run media strategy, planning, activation, connected identity and technology across more than 200 markets. "Powered by data and AI, this transformation will help PepsiCo deliver more relevant consumer connections," the company said in a statement carried by media-marketing.

The Coke Collision

The collision with Coca-Cola happened almost immediately. Publicis already handles Coke's media business in North America, a deal worth an estimated $805 million according to COMvergence, cited by Business Insider. That conflict made it impossible for Publicis to keep chasing Coke's broader global account while running Pepsi's.

Publicis pulled out of Coca-Cola's ongoing global media review, leaving WPP as the last agency in contention, according to Business Insider, mediaweek.com.au and adotat. Coke had reportedly been set to convene both agencies in Mexico City for the next pitch stage. Only WPP showed up, per Business Insider.

The numbers on Coke's review vary by source. Citybiz.co cites the broader relationship at roughly $4 billion. Adotat, using COMvergence figures, puts the actual reviewed scope (excluding North America, Japan and South Korea) closer to $1.44 billion to $1.7 billion. Those aren't necessarily contradictory, since they're measuring different things.

AdAge reported this week that Coca-Cola is now planning to put its North American media business back under review, since Publicis is expected to resign that account as part of the fallout, according to Business Insider.

The Skeptical Read

Adotat's coverage pushed back on the initial explanation floating around Madison Avenue that Publicis walked away from Coke's review purely over pitch costs. Adotat's argument: pitch costs are real, but the bigger factor is that media billings are mostly pass-through dollars to publishers, not agency revenue, and winning a global consolidation means eating transition costs before the fees start flowing. Both Publicis and Omnicom declined to comment when contacted by adotat.

What This Signals

Ruben Schreurs, CEO of the marketing consultancy Ebiquity, told Business Insider the deal reflects a broader shift: "Top-to-top dealmaking is getting more prevalent vis-a-vis running a process with guarantees on people, remuneration, and media cost. Is this a sign of the times to come?"

Publicis pulled off a similar no-pitch coup with Microsoft's media account back in April, per Business Insider. Combined with Omnicom's acquisition of IPG and Dentsu's ongoing international struggles, the pool of scaled global media agencies capable of handling an account PepsiCo's size has shrunk considerably.

Omnicom's stock fell about 5% in US trading on the news, according to mediaweek.com.au. The open question now is what WPP has to offer Coca-Cola to keep the remaining global business, and whether Coke's North American account, once Publicis formally resigns it, goes to Omnicom, WPP, or ends up sparking another no-pitch surprise.