Philips Consolidates With Carat

NEW YORK — Philips Electronics has consolidated its $600 million global media account with Carat, London, which beat out Initiative Media, London. MediaVest, in New York, was the incumbent on the U.S. portion of the business.

MediaVest will handle the Latin American portion of the account for a brief period of time. “When Carat is ready, they’ll take over the Latin American part of the business,” said Inge Wallage, a representative for the Dutch electronics giant. Both MediaVest and Carat managed portions of the media account for Philips. DDB Worldwide, NY, has Phillips’ creative acct.

Philips began the media review in February, Wallage said, adding that the Amsterdam-based company will officially announce its decision Thursday.

Philips Electronics had media expenditures in the U.S. of $112.5 mil. for the year 2000, per Competitive Media Reporting.