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UPDATE: Sorry. A tipster just pointed out that Element lost the Frito-Lay business on Friday. THANKS whoever you are!

Element 79 is one of those agencies that flies beneath the radar. It’s just big enough to get some play in the major publications, but small enough that they miss the beating dissecting eye of media. Well, normally. Lewis Lazare, the Czar of Chicago advertising media, has decided to take a closer look today:

“Rumors swirled Thursday about the impending loss of some major accounts at the agency. Sources said Element 79 could be poised to lose both the Gatorade and Tropicana orange juice accounts. They are two of the agency’s most high-profile, prestigious accounts, though ad spending on Tropicana has dropped the past couple of years. One source said the Gatorade account had been quietly put into review. Another source described the agency’s status on both Gatorade and Tropicana as “squirrelly.” Sources also said the agency apparently hasn’t been informed any review is in progress.”

If you recall, Element lost the Propel fitness water account to Goodby. Our own sources say that Pepsico will more than likely shift other accounts to the GS headquarters. The shop does have other accounts including Champion Athletic Wear, Children’s Memorial Hospital, Del Monte Foods, Frito Lay, Ladies Professional Golf Association, Leap Wireless, United States Soccer Federation and YUM! Brands. Yet, that Gatorade and Tropicana business ain’t no small thing. The shop currently hold 235 staffers. Are lay-offs to come?