Mark Penn
Mark Penn

MDC Partners shaved its first-quarter loss to $2.5M from $31.3M a year due to its cost-cutting measures of staff, real estate and corporate expenses put into place during 2018.

New CEO Mark Penn said MDC is "on the path to return to both bottom and top-line growth and positive cash flow by the end of the year."

He promised new steps to increase efficiencies, bolster intra-agency cooperation and expand the offerings of its lead shops.

Penn has implemented a two-year program to "transform MDC to the model of a modern marketing services company, combining top creative talent with leading data, research, strategy, digital and media offerings."

MDC's Q1 revenue inched ahead 0.6 percent to $328.8M. Its PR shops are Hunter, KWT Global, Sloane & Co and Allison + Partners.