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Stagwell Group, the self-described holding company alternative founded by former Microsoft executive Mark Penn in 2015, has reportedly agreed to make a $100 million investment in MDC Partners. Penn will take over as CEO of the struggling holding company following the deal and assume a role on its board of directors.
MDC Partners reportedly briefed its executive team on the transaction at 5 p.m. today. Media outlets started reporting the news this evening, citing an internal memo outlining the deal and an interview with Penn.
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