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| Mark Penn |
Stagwell Group and MDC Partners have ironed out a definitive merger agreement to form what CEO Mark Penn calls a $2B “transformative” marketing services company with 8,600 employees in 23 countries.
The merger creates a roster of PR/PA firms that includes Finn Partners, KWT Global, Hunter, Allison + Partners, Sloane & Co and SKDKnickerbocker.
That group generates about 16 percent ($320M) in overall revenues.
Advertising (37 percent) is the largest component of the enlarged operation followed by digital services (32 percent), research (six percent), “other” (six percent) and media (four percent).
Penn, who currently helms both firms, is shooting for $3B annual revenues by 2025.
That goal is based on achieving $2.6B in revenues via five percent plus annual organic growth and a 10 to 15 percent boost in digital marketing business; $325M in revenues from M&A activities and the addition of $75M in “new digital revenues streams."
Stagwell and MDC, which announced a non-binding deal in October, expect the merger will be completed during the first half of 2021.
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