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The merger between MDC and Stagwell is moving ahead, but still requires some patience, shareholders at a Q1 earnings update call learned today. The deal is expected to be completed in the coming months.
Last December, MDC, the group network behind Doner, 72&Sunny and Anomaly, announced an agreement to merge with Stagwell Group, which owns Code & Theory, The Harris Poll, Wolfgang and Observatory. Both companies are headed up by Mark Penn.
“We look forward to successfully completing this transaction in the upcoming months,” said MDC’s lead independent director Irwin Simon.
“I know it’s taken a little time to get there, but patience is often rewarded, and we are confident that this will be the case here.”
MDC’s Q1 performance
Penn described the Q1 results for MDC as a “solid start” with “faster than expected recovery.”
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