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Stagwell Inc. (STGW) today announced strong revenue in the third quarter, driven by its recent MDC Partners merger and growth across most segments.
Stagwell’s total revenue reached $466.6 million in the third quarter ending September 30, up from $228.1 million in the same period last year, an increase of 104.6%. The company’s pro forma organic net revenue was up 22.8% in the third quarter.
The pro forma revenue calculation assumes that the company solidified its merger with MDC at the beginning of the year, instead of in August.
“The strength displayed across our businesses reinforced our conviction and the power of the new Stagwell platform, and makes one thing abundantly clear—the combination is working,” Stagwell Chairman and CEO Mark Penn said on an earnings call Wednesday.