Pharmaceutical conglomerate GSK has split their billion-dollar media planning and buying accounts between fierce rivals WPP and Omnicom, ousting agencies from Publicis and Aegis.

WPP, the advertising giant encompassing GroupM, has announced a 19% rise in pre-tax profits for the first half of 2013 - representing an increase of £427m.

GroupM, digital holding company and part of the WPP network, have official revised their predictions for their global advertising expenditure for the remainder of 2013, citing the turbulent European economy as cause for concern.

In a press release, GroupM, parent to digital agencies Mindshare, MEC, Maxus and Mediacom, revealed their global outlook.

In the United States, advertising investment is estimated to grow just 1.8 % in 2013 to $156 billion, up from $3 billion in 2012.  A 2.9 % increase is anticipated in 2014, bringing ad spending to $161 billion.

"We estimate marginal growth in advertising spending in 2014 on a comparable component basis," said Rino Scanzoni, GroupM’s Chief Investment Officer for North America.In Western Europe, a 2.4 % decline in spending - compared to 2012  - to $97 billion. Spending in 2014 is expected to rise only 1.8 % to $99 billion.

GroupM Futures Director Adam Smith, who prepared the report, pointed to Europe's financial discord as the reason for revised budgets.

"The Eurozone periphery, specifically Italy, Spain, Portugal, Greece and Ireland, is once again the main reason for the decline," Smith said.  

"Stabilisation is elusive. We now expect this group to record an 11% fall in measured advertising in 2013."

You can read the full press release here.

GroupM agency MediaCom has announced the retention of its second-largest UK account after winning a three-way pitch for media planning and buying.

British technology manufacturer Dyson has appointed Mindshare to its £120m global media account following a competitive pitch, beating agencies PHD, UM and Carat.