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

WPP is still Coca-Cola's only "global marketing partner," and the company is close to renewing their worldwide agreement, the beverage maker said, according to the report.

Publicis is Coca-Cola's "complementary partner" for the US and Canadian media business, Coca-Cola's Chief Marketing Officer Manolo Arroyo said, according to the report.

WPP, Coca-Cola 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.)

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