J.C. Penney on Friday announced that it has selected Saatchi & Saatchi as its advertising agency of record, effective Dec. 1.

Saatchi's duties will include television, radio, magazines, preprint, direct mail and digital media, MarketWatch reports. Omnicom Group's DDB Chicago, the previous agency of record, will develop Penney's fall and holiday marketing campaigns.

On Thursday, Saatchi withdrew from the running for Wal-Mart's $580 million account; the apparently well-informed conjecture was that Saatchi had made significant progress toward winning Wal-Mart competitor J.C. Penney's account.

"Saatchi & Saatchi's vast experience in consumer packaged goods will bring a fresh perspective that will differentiate the JCPenney brand in a crowded retail landscape," Penney said in a statement.