The review included Omnicom Group's PHD and roster shops Grey Global Group's MediaCom; WPP Group's Mediaedge:cia; and Aegis Group's Carat. OMD, part of Omnicom Group, was also a roster shop but did not participate in the review.
A spokesman for Masterfoods said MediaCom and Mediaedge:cia will retain out-of-home and print buying duties, respectively.
MediaVest will manage the media services account out of its New York and Los Angeles offices.
Masterfoods spent $324 million on measured media in 2002, according to TNS Media Intelligence/CMR. Its key brands include Snickers, M&Ms, Twix and Starburst candies. Other main brands include Pedigree and Whiskas pet foods.
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Stephanie Thompson contributed to this report.
CORRECTION: An earlier version of this story incorrectly reported that OMD participated in the review. In fact, another Omnicom agency, PHD, took part.