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.
Stagwell in October announced a non-binding agreement to acquire MDC, which currently trades at $2.15 per share.