Warner Music is reviewing its £18 million media planning and buying business currently held by Media Campaign Services (MCS).
The music group, whose record labels Atlantic Records and Warner Bros Records are home to artists including James Blunt, the Red Hot Chili Peppers and Craig David, is drawing up a list of agencies and has invited incumbent MCS to repitch for the account.
The review is being overseen by Atlantic Records marketing director Richard Hinkley and Warner Bros Records general manager Adam Holly. The pitch process will be managed by the AAR, who will draw up a list of agencies. A result is expected by the end of September.Warner Music is currently involved in a bid and counter-bid battle with rival music group EMI Group, which last month rejected a £2.5 billion bid from Warner Music, the company it had itself been pursuing.
Warner Music had turned the tables on EMI, which is the home of Coldplay and Robbie Williams, by making a 320 pence-per-share offer. Previously Warner Music was tipped to accept an offer from EMI despite rejecting a $4.2 billion (£2.3 billion) bid, but this bold counter-bid suggests otherwise.
A tie-up between the world's third and fourth largest music groups is seen as an inevitability by many in the music industry.
Source: http://mad.co.uk
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