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| Mark Penn |
MDC Partners CEO Mark Penn reports Q3 revenues plummeted 17.3 percent to $283.4M due to a “significant but reduced drag of the COVID-19 pandemic." Organic growth crashed 16.4 percent during the period.
He played up MDC’s nine percent “sequential growth” over Q2 and $32M in net new business wins.
Penn said MDC has made progress on its plan to form agency networks and increase collaborative pitches. The firm also launched its first major digital marketing product, centralized back-office operations and consolidated real estate.
MDC’s PR firms are KWT Global, Allison + Partners, Hunter and Veritas. The firm sold financial firm Sloane & Co. to SKDKnickerbocker, which is part of Penn’s Stagwell Group, in February.
Stagwell in October announced a non-binding agreement to acquire MDC, which currently trades at $2.15 per share.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
