MDC Partners and Stagwell agree to join forces

MDC Partners Inc. and Stagwell Group LLC's Stagwell Media LP agreed to come together to create a global marketing company.

Mark Penn, CEO and Chairman of MDC and Managing Partner at Stagwell will continue his role as CEO and Chairman of the combined company. 

The combined company's board will comprise nine members, including Penn and Bradley Gross.

Three of the independent directors on the board will continue this role in the combined company. Such directors will be nominated at the company's next two annual meetings. Stagwell will have the power to designate the other four directors on the board. 

The combined company will remain headquartered in New York and will maintain a significant presence in Washington, D.C.

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