Vodafone Group PLC (VOD) said Tuesday it is reviewing the way it spends its media budget to evaluate whether a global or local approach is more cost effective.

Currently media buying is carried out on a country by country basis, but the review, which will include pitches from Vodafone's current media buyers and other competitors, will assess the feasibility of employing just one agency to carry out all its global media buying.

Omnicom Group Inc's (OMC) OMD agency has a significant chunk of the company's European media buying contract, and it is understood to be pitching to Vodafone along with media agencies owned by Aegis Group PLC (AGS.LN) and WPP PLC (WPPGY).

The company said it expects to conclude the review by the end of July.

Last year Vodafone committed to cutting GBP1 billion of costs to maintain profitability and mitigate the effects of the global slowdown.

-By Kathy Sandler, Dow Jones Newswires; 44-207-842-9293; kathy.sandler@dowjones.com