Computer giant Compaq has handed the &£100m media account for Europe, the Middle East and Africa to Initiative Media, after pulling the plug on incumbent OMD UK.
Neither Compaq nor Initiative Media were available for comment.
Compaq, the world’s second largest computer manufacturer, has a media budget of &£25m in the UK and similar amounts in Germany and France. During the past year it has spent about &£2m on press advertising and &£1.5m on television, online and outdoor advertising in the UK.
Banks Hoggins O’Shea/FCB was appointed to handle Compaq’s creative account in the UK more than a year ago after FCB was handed the global business.
Last October Compaq launched a &£200m global rebranding campaign through FCB using the tag “Inspiration Technology”. It aimed to make consumers aware of Compaq’s role as a provider of Internet products and services, as well as a computer manufacturer. Compaq is the title sponsor of the Williams Formula One motor racing team.
Initiative is culling 12 staff across the company due to the downturn in advertising. The agency has 230 staff.