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[$$] Mark Penn’s Stagwell Group Takes Stake in MDC Partners

Stagwell Group, an ad company founded by Mark Penn, agreed to acquire a minority stake in ad-holding company MDC Partners Inc. for $100 million, the companies said Thursday. Mr. Penn, a Madison Avenue veteran and former adviser to Bill and Hillary Clinton, will also join the board of MDC and assume the role of chief executive officer, ending a roughly six-month search to replace Scott Kauffman. The talks between MDC and Stagwell as well as Mr. Penn’s possible appointment were reported by The Wall Street Journal last week.