Dive Brief:

• MasterCard has awarded media planning and buying firm Carat the majority of its global media business. 
• Carat will be responsible for all global media except for business in Latin America. 
• Other competitors for the media business included Omnicom's PHD, Publicis Group's MediaVest, WPP's GroupM, and the incumbent Interpublic Group's UM. 

Dive Insight:

Scoring a client like MasterCard, particularly its global media business, is a huge win for Carat. The media planning and buying firm had some stiff competition for the business to be sure. Incumbent UM didn't lose out too much, either, as it still controls the Latin American part of the business — a booming market.