The international soft-drinks giant confirmed that current agency Starcom Mediavest Group will compete against UM, MediaCom and Carat/Dentsu for the business.
A Coca-Cola spokesperson told AdAge:
"We have a very productive and strong relationship with Starcom Mediavest Group that has served both companies very well for the last 11 years.
Over this period, SMG has continually improved and strengthened its offering and remains a valued partner."
She added that the move was made to addresses a changing media marketplace which “reshapes and reinvents itself”.
The shift in strategy comes after the firm replaced out-going chief marketing officer Joe Tripodi with Marcos De Quinto last October, formely president of Coca-Cola’s Iberia business unit and vice president of the Europe Group.