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Adding to its agency portfolio, Stagwell Group today said it acquired a majority stake in Code and Theory, a digital creative shop based in New York.
Stagwell is led by Mark Penn, a former executive with WPP Group and Microsoft, who has also served as a pollster and adviser to Bill and Hillary Clinton. Penn launched the investment company last year with a $250 million war chest and an eye toward playing in the media and marketing arena, with a focus on digital.