The review is beginning immediately and effects all its business, including snacks, food and pet care.
A spokeswoman said the review was aimed at "increasing the effectiveness" of the company's media spend. Masterfoods brands include Mars, Snickers, M&Ms, Twix, Pedigree and Whiskas pet food, and Uncle Ben's rice.
The confectionery and food giant's media business is currently split between OMD, owned by Omnicom; Grey Global-owned MediaCom; Publicis group's MediaVest and WPP Group's Mediaedge:cia.
Publicis-owned ZenithOptimedia, which handles sports buying in the US, is reported not to be pitching.
Last year, the £120m European planning work was handed to MediaCom, after a pitch against fellow incumbents Starcom MediaVest Group and PHD, as well as ZenithOptimedia Group and Media Planning Group, while ZenithOptimedia handles media buying in Europe.
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