The business includes the combined Hewlett-Packard and Compaq Computing account. The two firms completed an $81bn merger last year.
Goodby Silverstein & Partners has retained the merged company's global brand advertising work while Publicis Groupe Worldwide is being kept on to handle advertising for HP's products and solutions.
HP's $275m global media business has been awarded to Optimedia, which has beaten Compaq's former media agency Initiative Media to the work.
The move is thought to be part of an attempt to make $2bn in cost savings since it merged with Compaq at the end of last year.
Before the merger HP's advertising, which was reportedly worth $200m last year, was handled by Goodby, Publicis and Saatchi & Saatchi, the last of which is also owned by Publicis Groupe.
Compaq's reported $350m business was handled by the company's agency of record Foote, Cone & Belding Worldwide. FCB comes away with nothing. The UK work was handled by Banks Hoggins O'Shea/FCB.
Gary Elliot, vice president of HP marketing communications, said: "Consolidating agency resources was an essential part of creating one brand and one voice for the company. These selections mark a critical first step in integrating the new company’s marketing capabilities. With today’s announcement, we can now focus on the development and launch of our first major brand and advertising campaign planned for later this year."
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