MDC Partners expected to name ad veteran Mark Penn as CEO
According to reports, Penn's own investment firm will be taking a minority stake in the business
Advertising firm MDC Partners is believed to be close to clinching a deal which would put industry veteran Mark Penn at the helm of the agency as Chief Executive Officer, and his investment firm taking a minority stake in the business, according to reports. MDC is the parent company of several top creative agencies; including 72andSunny, Anomaly, and Crispin Porter Bogusky, but the company has been hit by a general retrenchment in marketing spend which was worsened by excessive debts which are now believed to be at over $1bn
The search for a buyer and Chief Executive Officer which began last year could come to a close soon, although reports caution that the agreement could come to nothing.
Penn has risen as a key player in the advertising industry by capitalising on a wider downturn to further the interests of his own ad firm, Stagwell Group, although both companies would remain separate following any deal.
Stagwell Group was founded by Penn in 2015 with $250m of seed funding, it has gone on to grow rapidly to generate $500m in revenue for 2018 through a series of acquisitions including that of UK agency Forward3D.
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