The Arla-owned milk brand moved to Wieden & Kennedy after a three-way pitch that included Clemmow Hornby Inge, while the FT handed DDB its business after a final shoot-out against Miles Calcraft Briginshaw Duffy and United London.
The loss of Cravendale significantly weakens the agency's grip on the Arla account. In August, DDB lost the £15 million Lurpak business, which also went to W&K. The agency now only handles the CafeMet Flavoured Milk and Rosenborg Cheese ranges.
John Ridding, the chief executive of the FT, said: "We look forward to working with DDB to create a campaign that builds on our position as the leading source of global business news and analysis in print and online."