Pharma giant Bayer has begun a review of media-buying duties in several major markets across the globe, as part of a consolidation effort. The review isn't expected to impact the company's U.S. media-planning and -buying account, which is run by Initiative.

Bayer's media-buying assignments in the U.K., France, Spain, Germany and Brazil and other global markets are handled by a host of local agency players, and are expected to be part of the review. All told, those chunks of business are worth several hundred million dollars. Bayer's consumer brands include Bayer Aspirin, Aleve, One-A-Day, Midol and Alka Seltzer. It's pharmaceutical products include Levitra and Cipro.