Stagwell Marketing Group LLC Reports on Its Exceptional Performance and Highlights Business and Financial Updates Provided in MDC Partners Filing
WASHINGTON, July 13, 2021–(BUSINESS WIRE)–Stagwell Media LP, which on July 8, 2021 entered into an amendment to the transaction agreement providing for the combination of its businesses (the “Proposed Transaction”) with MDC Partners, Inc. (“MDC”) (Nasdaq: MDCA), announced today that its subsidiary, Stagwell Marketing Group LLC (“Stagwell” or the “Company”), has generated strong performance through the second quarter and expects continued outperformance through the remainder of the year. Accordingly, Stagwell has provided updated financial guidance to MDC and the Special Committee of its Board of Directors reflecting improved performance for the Stagwell business through the end of 2021.
Stagwell Partner Jay Leveton offered the following commentary on the Company’s performance in 2021 and the outlook for the remainder of the year:
“Stagwell’s second quarter 2021 results significantly out-performed our forecasts and we were significantly ahead of second quarter 2020 results even though 2021 is an ‘off-cycle year’