Maxxcom to Buy Into Crispin Porter & Bogusky

Crispin Porter & Bogusky’s decision to partner with Maxxcom was driven by a need for capital and a desire to play a significant role in the Canadian network’s growth, sources said.

“It was important to be part of an organization at the beginning of its life cycle rather than the end,” said Chuck Porter, chairman of the Miami agency. “If we’d done a deal with one of the big networks, I doubt their number one priority would be to grow our brand.”

Maxxcom, a division of Toronto-based conglomerate MDC Communications, has agreed to purchase a 49 percent stake in CP&B.

The deal, which was initiated at last year’s 4A’s conference in Ber-muda, is still being finalized.

Sources peg the purchase price at $10-20 million in cash and stock, contingent upon CP&B meeting performance goals.