A shortlist is currently being drawn up by the AAR and a result is expected by the end of September.
MCS has been invited to re-pitch for the business, which covers the Warner Bros and Atlantic Records labels. Artists on the former include Red Hot Chilli Peppers, Muse and Gnarls Barkley, while Atlantic has deals with James Blunt, Hard-Fi and Missy Elliott.
Warner Music is currently engaged in a takeover tussle with British counterpart EMI, with both companies plotting to buy each other. EMI's media account, estimated at £9m, is with Carat.
Overseeing the Warner media review are Richard Hinkley, marketing director of Atlantic Records, and Adam Hollywood, general manager of Warner Bros Records.
Hollywood said: "We are operating in a very dynamic, competitive marketplace, and need to ensure that we continue to have the most cost-effective and creative media buying available to us."
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