 Mark Penn |
Stagwell Group chief Mark Penn is negotiating to assume the helm of MDC Partners and take an investment stake in the troubled ad/PR firm, according to the Wall Street Journal.
MDC, which faces a proxy fight at its June 4 shareholder meeting, has been conducting a strategic review.
The firm, which is the parent of Hunter, Allison+Partners, KWT Global and Sloane & Co., lost $36.2M during the nine-month ended September period on $1.1B in revenues.
It has long-term debt of $987M.
MDC CEO Scott Kauffman announced in September that he plans to step down once a successor is named.
Penn, former pollster for Bill and Hillary Clinton, ex-Burson Marsteller CEO and Microsoft chief strategy officer, had earlier tried to buy MDC with Apollo Global Management, according to the WSJ.
Stagwell's holdings include Finn Partners and SDKKnickerbocker.
Interpublic CEO Philippe Krakowsky said the firm is off to a “solid start to the year” as its flat $2.2B net revenues are in line with 2024 financial targets.
Why financial planning always plays a crucial role in every PR firm’s success.
Omnicom CEO John Wren reports Q1 revenues jumped 5.4 percent to $3.6M, powered by a solid 7.0 percent rise in its advertising & media segment.
Public Policy Holding Company registered 24.1 percent growth to a record $135M during the past year, which included the results of the March 1 acquisition of Multistate Assocs.
Stagwell CEO Mark Penn reported Q4 net revenues dipped 5.6 percent to $551.1M during a “challenging year for marketing services and digital transformation.”
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