Having announced that CBS Outdoor planned to end its contract with the London Underground, the transport organisation has denied the advertising company the right.

Speaking to MediaWeek, Richard Parry, director of Strategy said that Transport for London (TfL) would accept the termination of the contract on any terms.

The advertising contract, thought to be the largest in the world, is currently due to end in 2015, with CBS Outdoor looking to walk away because of delays to the networks upgrade programme.

The statement by Parry said: "CBSO's claims that they want to terminate their contract due to delays to the LU upgrade programme are entirely spurious. TfL is engaged in discussions with CBSO regarding the terms of the LU advertising concession. 

"We do not accept that CBSO is entitled to issue a Termination notice and will be making it clear to CBSO that it must honour its obligations under the contract. LU will vigorously defend CBSO’s claims and will seek to recover any losses as a result of CBSO’s action."

TfL has also consolidated its advertising account, worth around £5m, into M&C Saatchi.