The £4 million review includes Flextech's pay-TV channels Bravo, Challenge, Living TV and Trouble, as well as its recently launched free-to-air channel FTN.
The AAR is overseeing the review, which involves a number of undisclosed agencies. The business is currently split between Banc and Devil Fish.
Banc is the incumbent on Living, Bravo and Trouble, while Devil Fish works on the games channel Challenge.
The review follows the departure of Flextech's director of marketing, Mary Beer, who left in November following a restructure which devolved responsibility for marketing to the individual channel controllers. The company retained a central creative unit to provide creative support.
Amanda Beacham, the head of marketing for Living and FTN, and Paul Hancock, the head of marketing for Bravo, Challenge and Trouble, are jointly overseeing the review.
Flextech has recently announced a change in strategy for its wholly owned channels and is moving away from repackaged content to original programming.
At the end of January, Flextech launched FTN, a new digital entertainment channel available on all the digital platforms. The channel targets 13- to 44-year-olds and is promoted with the strapline: "Full on entertainment."
FTN hit the screens with a relatively soft launch. As a free-to-air channel on the news-heavy Freeview platform, FTN could play an important role in advertising Flextech's pay-TV channels to terrestrial-only households not accustomed to paying for their TV viewing.
Last summer, Banc won the Living TV account with a campaign to highlight the rebranding of the station and to promote Living TV's Paranormal Zone.
TBWA/London had previously handled Living TV but stopped working on the account at the end of 2001.