MDC Partners (MDCA) Misses Q4 EPS by 29c, Revenues Miss; Completes CEO Search & Strategic Review, Announces $100M Investment and Subsidiary Sale
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Mark Penn Named Chief Executive Officer of MDC Partners; The Stagwell Group Makes $100 Million Strategic Equity Investment in the Company
March 15, 2019 7:00 AM EDTPremium Valuation Reflects Opportunity Ahead
Investment to be Put Toward Reducing Outstanding Borrowings, Strengthening Balance Sheet and Accelerating Strategic Growth
NEW YORK, March 15, 2019 /PRNewswire/ --Â (NASDAQ: MDCA)Â MDC Partners Inc. ("MDC Partners" or the "Company") announced today that it has entered into an agreement with The Stagwell Group pursuant to which Stagwell, a private equity firm that manages investments in new media and digital marketing services, has invested $100 million in MDC Partners through the purchase of $50 million in MDC Partners common shares and $50 million non-voting convertible... More
MDC Partners Inc. Reports Results For The Three And Twelve Months Ended December 31, 2018
March 15, 2019 7:00 AM EDTNEW YORK, March 15, 2019 /PRNewswire/ --
COMPLETION OF CEO SEARCH AND STRATEGIC REVIEW:
Mark Penn named CEO of MDC Partners The Stagwell Group invests $100 million in common and preferred stock MDC Partners separately sells its interest in subsidiary firm Kingsdale Advisors MDC Partners entered into an amendment to the existing senior secured revolving credit facility with Wells Fargo BankFOURTH QUARTER 2018 HIGHLIGHTS:
Revenue of $393.7 million versus $402.7 million a year ago; excluding the impact of ASC 606 (see details below), revenue was $406.1 million, an... More