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MDC Partners and marketing consultancy Stagwell Group, both led by Mark Penn, have agreed to merge, according to the two companies.
Stagwell Group initially proposed the merger in June. As of Monday, MDC Partners’ board of directors had approved the merger, although it will still be subject to further approvals.
Founded by Penn in 2015, Stagwell Group invested $100 million into MDC Partners last year. Penn has since served as chairman and CEO of MDC Partners as well as managing partner of Stagwell Group.
MDC Partners owns agencies including 72andSunny, Anomaly, CPB, Colle McVoy and Doner.