Unilever is kicking off a review of its estimated $8bn global media buying and planning business.

The Anglo-Dutch multinational consumer goods company – the world’s second-biggest advertiser after Procter & Gamble – held its last media agency review in 2012, and tends to re-evaluate it every three years.

A spokesperson for Unilever said: “We can confirm that we are in the early stages of our periodical media agency review process.”

According to people familiar with the matter, the company has offered incumbent agencies the first opportunity to re-pitch for the business. If Unilever is dissatisfied, it will then extend the pitch to other agencies.

The incumbents include Omnicom’s PHD in parts of Asia and Europe, Mindshare in North America, parts of Europe and Africa and Initiative for LatAm, Europe and Russia.

Unilever spent $7.9bn on global media in 2013, according to Ad Age’s Global Marketers 2014 report, up 9.2% on the previous 12 months.

However, in its recent annual report, the firm claimed it had secured “significant efficiencies” to its advertising costs, allowing it to increase “share of spend” while maintaining brand and marketing investment at 14.8%.

Earlier this week, it emerged that Unilever’s top media executive Jay Altschuler had left to join Samsung to run its global media planning and buying.

Unilever will also be joining the line-up for the 2015 Festival of Media Asia Pacific.