Vizeum is part of Aegis, which also owns Carat, and was formerly known as BBJ. The agency will work closely with Five's creative shop TBWA\London, and below-the-line agency The Promotions Factory on planning and strategy.
Five said that it had been looking for an agency to generate real "media-neutral" ideas.
David Pullan, director of strategy and marketing at Five, said: "We chose Vizeum as we are looking to broaden our communication strategy with audiences and to develop further the creative thinking element of our media strategy.
"We will be focusing more on overall connections between programmes and the brand and the viewers, a strategy which integrates with Vizeum's 'connectology' approach."
Pullen thanked Walker for the past five years of service. The agency picked up the account in 1998 without a pitch, when Jim Hytner, now at ITV, was marketing director.
The business could be worth as much as £10m. However, in 2002, the channel spent £2m on media and in the last 12 months it has spent £3.6m, according to MMS figures.
Prior to Walker Media winning the business, it was previously held by Carat and Michaelides & Bednash.
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