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| Mark Penn |
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Citing double-digit growth in its non-advocacy lines, across-the-board organic growth and enhanced cash flow, Penn called Stagwell “a winner in an industry undergoing significant transformation.”
The holding company hauled in $122M in Q3 new business wins/expansions from Microsoft, Adobe, NASCAR and Diageo.
Penn also announced that Stagwell has forged a relationship with the controversial data mining and surveillance company Palantir.
The partnership is focused on development of an AI-driven platform for marketers that will bring the full power of data and AI together to increase marketing ROI. Penn said the venture aims to bring “the holy grail of marketing” to life.
Stagwell owns SKDK, Sloane & Co., Jasper Advisors, Consulum, Hunter and Allison.
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