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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.
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.
C Street Advisory Group handles strategic communications duties for American Signature Inc. as the Columbus-based home furnishings retailer declares Chapter 11.
Collected Strategies handles Exact Sciences as the cancer screening leader is acquired by Abbott in a deal with an enterprise value of $23B.
Joele Frank represents Philadelphia-based Axalta Coating Systems as it agrees to merge with Amsterdam’s AkzoNobel in a deal valued in the $25B range.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
