Advertising giants MDC Partners and Stagwell Group consent to combine operations
Stagwell Group and MDC Partners Announce Proposed Merger
In a significant move for the marketing industry, Stagwell Group and MDC Partners have announced a proposed business combination. The deal, which was initially proposed by Mark Penn, the chairman and CEO of MDC Partners and managing partner of Stagwell Group, was first discussed in June.
Stagwell Group, a marketing consultancy founded by Mark Penn in 2015, has invested $100 million into MDC Partners last year. The merger, if completed, will bring together two leading players in the marketing industry.
MDC Partners, a company known for its agency network, owns agencies such as 72andSunny, Anomaly, CPB, Colle McVoy, and Doner. On the other hand, Stagwell Group's portfolio includes agencies like Code and Theory and creative consultancy Wolfgang.
The merger is being led by Mark Penn in both companies. MDC Partners' board of directors has approved the merger, but it is still subject to further approvals. The exact terms of the merger have not been disclosed.
The proposed merger is expected to create a powerful marketing group with a diverse range of services. However, as of the time of the announcement, the merger has not been completed.
This development comes as a strategic move for both companies, aiming to strengthen their positions in the competitive marketing industry. More updates on the merger are expected to be released in due course.
Stay tuned for more updates on this developing story.
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