French advertising agency Publicis Groupe has lost Procter & Gamble’s (P&G) media contracts in the United States, the company said on Tuesday, confirming media reports.
The contracts are worth 50 to 60 million euros, or 0.6 to 0.7% of the group’s revenue, the agency’s spokeswoman said.
“P&G continues to be one of our main global clients,” the spokeswoman said.
Publicis, through Starcom Mediavest Group, continues to work for P&G in Canada and 42 other countries, including China, the UK and Russia.
Publicis shares fell 2% on Tuesday after media reports said it had lost most of P&G’s North American contracts to Omnicom.