Mark Penn explains why MDC was the right deal (and what comes next)
Mark Penn's first act as CEO of MDC Partners was to outline how he will spur growth at the struggling holding company during its fourth-quarter earnings call.
Penn, whose Stagwell Group is investing $100 million in MDC, was introduced during the holding company's fourth-quarter earnings call Friday morning, in which it disclosed that MDC revenue fell to $393.7 million versus $402.7 million a year ago. Organic revenue decreased 0.3 percent. On the call, MDC Chief Financial Officer David Doft attributed this to economic concerns during the holiday season that lead clients to spend at less elevated levels, as well as client delays, including some related to the government shutdown.
MDC also reported it sold its interest in Kingsdale Advisors, which advises public companies on shareholder matters and reduced its number of reporting units to 25 from 37 last year.