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MDC Partners, parent of Allison + Partners, Sloane & Co, KWT Global and Hunter PR, is exploring its strategic options.
The Wall Street Journal reports the decision follows client cutbacks, failure to win new business, pressures from a heavy debt load and the exit of CEO Scott Kauffmann earlier this month.
MDC reported a 2.8 percent second-quarter revenue decline to $380M and a plunge in net income to $1.1M from $8M. Organic growth dropped 1.7 percent.
Six-month revenue dropped 3.9 percent to $706.7M. Net loss widened to $30.1M from $1.7M.
In releasing the financials, Kauffmann had warned that 2018 "continues to be challenging."
MDC's stock price tumbled 60 percent over the past year, currently trading at $4.55 per-share.
The company is using investment firm LionTree to plot its future direction.
WPP CEO Cindy Rose declares her stabilization plan is "firmly on track" as the company reports a 4.7 percent dip in 1H revenues.
FTI Consulting reported a 2.6 percent drop in Q2 strategic communications revenues to $100M, a shortfall largely due to a $7.4M decline in pass-through revenues.
Omnicom CEO John Wren reported a 7.2 percent rise in Q2 “core operations” to $6B and a 6.1 percent spurt on an organic basis.
Publicis Groupe’s H1 net revenues inched ahead by 1.1 percent to $8.3B. Organic growth hit the 4.7 percent mark.
Public Policy Holding Company grew 27.5 percent to $50.1M during Q1, powered by the accelerating contribution from recent acquisitions and a 5.1 percent hike in organic revenues across its three operating segments.
