NEW YORK (AdAge.com) -- Citigroup has consolidated its estimated $500 million global media account with WPP's Mediaedge:cia, said an executive familiar with the deal.
The agency already handles Citi's $190 million TV buying business, but it will now take over all planning and buying for TV and print, and online for the financial giant --- duties retained by Fallon after it was dropped as Citi's agency of record earlier this year. Valassis will continue to handle newspaper buying.
According to TNS Media Intelligence, Citigroup spent $430 million in measured media in the U.S. in 2006.
Year of changes
The move follows a series of changes at Citi this year. Citi moved the majority of its global creative account from Fallon to Publicis in April after announcing plans for more than 17,000 layoffs.
Fallon had been Citi's agency of record for seven years before redefining the relationship last year as "Publicis Powered by Fallon." Publicis will still handle creative duties on the account.
A spokeswoman for Mediaedge:cia declined to comment.