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Will A $100M Investment Be Enough To Hold MDC Partners Together?

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Mark PennFor the last five years MDC Partners [Marketplace Listing] has been effected by numerous challenges and struggles, Miles Nadal stepped down from the company he founded back in 2015 amidst an SEC investigation over financial scandal. Since the departure of Miles the company has gone through various people taking the helm as CEO.  Now it seems there is a new sheriff in town as Mark Penn has been named Chief Executive Officer (CEO) of MDC Partners. One major difference is that the appointment of Mark also bring a big investment of $100 million equity investment from The Stagwell Group.  It also ends MDC’s search for a new CEO that began back in September 2018.  Mark has over 40 years of experience in research, advertising, public relations, polling and consulting, and also The Stagwell Group.

MDC is the holding company for agencies such as Veritas [Marketplace Listing], Anomly, Kenna, Kwittken (re-branded to KWT).    This all comes at a time when global holding companies are are experiencing declining revenues, increased scrutiny from brands, and founders being caught during financial scandals.   Perhaps a clean start is what MDC needs to re-invent itself, but what happens to its Canadian counterparts?  For many Veritas continues to be a question mark based on the data we have, this is the last time we covered the agency which leaves more unanswered questions. This is an agency that has popped up on our radar a few times. Kwittken went through an unimpressive re-branding last year, and to start this year its Canadian Managing Director Betsy Cooper left the company.

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