Omnicom’s PHD has emerged as the fourth contender in the review for Paramount Pictures’ $300-480 million media planning and buying account, sources said. PHD in New York will compete against IPG’s Initiative, WPP’s Mediaedge:cia and the incumbent, Publicis’ MediaVest, all in New York. A decision is due by mid-month. Creative, handled in-house, is not in play. Neither PHD nor Paramount was immediately available for comment.