• by Steve McClellan  @mp_mcclellan, March 19, 2014

Telecommunications giant Vodafone has pared the list of contenders in its global media planning and buying review to two finalists including GroupM and the Dentsu Aegis Network.

The company spends an estimated $1 billion on ads annually.

The incumbent, OMD -- which held the account for most of the last dozen years -- did not advance to the final round, sources confirmed.

Vodafone’s last global media review came in 2009 when OMD prevailed over Carat, now part of the Dentsu Aegis Network.

WPP has a dedicated unit called Team Red that handles Vodafone’s creative advertising. Creative duties are not currently in review.

The agencies in the media review declined to comment or couldn’t be reached. A Vodafone rep could not be immediately reached for comment.

Vodafone, based in the UK, provides service throughout much of Europe and parts of Africa and Asia. Until last year, it held a 50% stake in Verizon Wireless, but sold the stake to Verizon for a reported $130 billion.