21st Century Fox Hopes to Complete its Massive Media Review By Year’s End

Spends about $1 billion in media annually

The consultant behind 21st Century Fox's global media review is no stranger to such searches. In fact, MediaLink handled the 2011 review triggered by Comcast's acquisition of NBCUniversal.

The latest search comes two years after News Corp. split into two companies—publisher News Corp. and TV and movie juggernaut 21st Century Fox. The latter includes the namesake movie studio, Fox News, Fox Broadcasting and FX cable network. Collectively, those divisions spend an estimated $1 billion a year in media.

The review is in the early stages, gauging holding companies' interest and capabilities. Currently, the company employs several media shops, including Publicis Groupe's Zenith Media and Dentsu's Vizeum.

Zenith plans and buys media for the movie studio in North America, while Vizeum handles the bulk of those responsibilities overseas. In addition, Zenith works on FX.

In a statement, 21st Century Fox attributed its search to a sea change in how people consume media. "After more than 10 years since our last companywide global review, we are going through this process to ensure we have the right agency partners," a representative added.

The company hopes to complete the process by the end of the year.