The pandemic has cut into new business activity pretty significantly, but it didn’t stop CBS from reviewing its estimated $180 million media assignment and awarding it to Horizon Media, according to sources.
The scope also includes Showtime and CBS Access.
OMD was the longtime incumbent, having held the account since 2008.
None of the parties involved wanted to talk about the review on the record.
Horizon had been in the hunt for an entertainment client since losing some Disney media properties, including ABC last year, as part of the broader Disney global media review. Taking over that assignment was — you guessed it — OMD, which may have raised an eyebrow or two at CBS.
Whether it triggered the review, I don't know. In any event, 12 years is a darn good run in this business these days.
Last month, R3 reported that new business revenue was down about 30% in the first quarter of 2020, compared to the same 2019 period as marketers delayed review activities as a result of the pandemic.
More of the same is expected for the soon-to-wrap second quarter.
There is some hope that activity will pick up in the second half of the year.