Subway parted company with Fallon, part of Publicis Groupe, in May after less than a year.
The sandwich chain, which positions itself as the healthy alternative to other fast food outlets, has been working with Boston-based independent agency McCarthy Mambro Bertino since May and will continue to use it for marketing projects.
Subway worked with agency search consultancy Joanne Davis Consulting in New York on the review. It said it had received questionnaires from a dozen agencies before drawing up a shortlist but did not reveal the competing agencies.
Chris Carroll, the senior vice-president of the Subway Franchisee Advertising Fund Trust, said: "We looked at all the agencies who approached us in the past and asked for a number of new submissions.
"In the end, we were most impressed with GS&P. There didn't seem to be any reason to drag the process out any further."
Earlier this month Subway found itself at the centre of a controversy after it was accused of being anti-American for featuring an obese Statue of Liberty in a promotional campaign in Germany.
The campaign drew fire from members of the US Congress. Ads on tray liners in Subway's German stores promoted the documentary 'Super Size Me', which accuses McDonald's and other fast food chains of contributing to America's obesity problem.
Subway's media is handled by Grey Global Group's MediaCom in New York, which was unaffected by the review.
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