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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.
Caterpillar’s Rob Rengel will join ATI Inc. on June 22 as VP-investor relations, succeeding the retiring David Weston.
Hut 8, energy infrastructure platform, has named NextEra Energy's Mark Eidelman head of IR and SVP of strategic finance.
Teneo handles easyJet as Minneapolis investment firm Castlelake mulls a possible takeover of the British budget airline.
Brunswick Group represents Universal Music Group as it rejects the unsolicited $65B takeover offer by billionaire Ed Ackman's Pershing Square Capital Management because it “fundamentally and materially undervalues” the world’s largest music company.
Prosek Partners brings on Danielle O’Brien as a managing director in its investor relations practice, based in the firm’s New York office.
