This makes news for one reason only. As the pitch process started, Subway Restaurants asked all competing agencies to submit a five minute video that illustrated their team's corporate philosophy. Agency.com posted their video to YouTube prior to submitting it to Subway. Agency.com wanted to show the potential client how they "get" viral marketing.
You can read all about the escapade and see the video here: Agency.com Pitches Subway For All To See.
"A representative of the Omnicom Group agency here said it withdrew from consideration when it reached the finals of a pitch for a conflicting account, which he declined to name. Subway's account selection process was taking longer than anticipated, and Agency.com decided to take itself out of the running, he said."
Interesting. But, here's what's most interesting: we don't care anymore. It's old news. We're all tired about hearing from Agency.com and Subway Restaurants. Had Agency.com won the business, lost the business or dismissed themselves from the pitch, the story was over 48 hours after that pitch video was posted.
We live in a disposable world and although this will linger in places like Google search results, nobody will say anything (or care) when Agency.com announces their next big win, or when Subway does make their choice.