Local advertising agency George Patterson Y&R has pulled out of the running for Panasonic Australia after 20 years representing creative for the company, following news in November that Panasonic was reviewing its accounts.
George Patterson Y&R will pick up advertising for rival consumer electronics company LG, dropping the pitch for Panasonic because it “knew LH was on the way,” a source told advertising publication, AdNews.
According to the report from AdNews, advertising companies The Campaign Palace, The Works and Clemenger BBDO are now all bidding for Panasonic.
The report also says LG will cut all ties with its existing creative agencies, BWM and Singleton Ogilvy & Maher, when the new contract with Patterson comes into effect.
Nielson Research says Panasonic spent $6.4 million on advertising in Australia last year, compared with LG’s $9.7 million spend.