AOL Narrows $300 Mil. Media Search to 3

NEW YORK America Online on Friday named three finalists in the review for the media portion of its $300 million ad account.

They are: Aegis Group’s Carat in New York, Publicis Groupe’s Starcom MediaVest in Chicago and incumbent Initiative, the Interpublic Group unit in New York and Los Angeles, an AOL representative said.

Cut were Omnicom Group shops OMD and PHD, both headquartered in New York, along with WPP Group’s New York-based Mediaedge:cia. The Pile and Co. consultancy in Boston is overseeing the search.