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MDC Partners

New York City-based advertising and marketing holding company

MDC Partners Inc. is an advertising and marketing holding company based in New York City.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1980Founded1

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  • TickerSTGW on Nasdaq1
  • Industryadvertising1
  • HeadquartersNew York City1
  • Websitewww.mdc-partners.com
  • Legal formBusiness corporations (which includes professional corporations)1
  • Listed onToronto Stock Exchange, Nasdaq (MDCA)1
  • Incorporated inDE5
  • Business addressOne World Trade Center, Floor 65, New York, Ny 100075
  • Filer categoryAccelerated filer5
  • LEI529900SR4J92B5C43M744
  • StatusInactive4
  • LEI statusRetired4
  • Registered address33 Draper Street, M5V 2M3 Toronto, Canada4
  • Registered withCorporations Canada, 848895-94

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MDC Partners Inc. is an advertising and marketing holding company based in New York City. MDC is structured as a partnership model, in which it initially acquires a majority stake in its partner agency, leaving a percentage of ownership with the founder. It has more than 50 partner firms worldwide. In August 2021, following the merger of The Stagwell Group with MDC Partners, Stagwell formed Stagwell Media Network, a group of multichannel agencies.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.5%Operating margin7
1.0%Net margin7
2.4%Revenue growth, 20257
3.8%Return on equity7
1.75×Debt to equity7
$247.3MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Marketing Services brought in 39% of the revenue MDC Partners broke down this way in fiscal 2025.

  1. Marketing Services$1.1B739%up 5% from 2024
  2. Media & Commerce$690.7M724%down 1% from 2024
  3. Communications$592.6M720%down 16% from 2024
  4. Digital Transformation$393.5M713%up 17% from 2024
  5. The Marketing Cloud$106.5M74%up 230% from 2024
Business segments by year
Business segments202320242025
Marketing Services$1.0B$1.1B$1.1B
Media & Commerce$662.2M$695.4M$690.7M
Communications$502.7M$703.1M$592.6M
Digital Transformation$324.0M$335.7M$393.5M
The Marketing Cloud$25.8M$32.3M$106.5M

Regions

United States brought in 77% of the revenue MDC Partners broke down this way in fiscal 2025.

  1. United States$2.2B777%down 4% from 2024
  2. Other Geographical Location$491.3M717%up 45% from 2024
  3. United Kingdoms$172.2M76%up 4% from 2024
Regions by year
Regions202320242025
United States$2.1B$2.3B$2.2B
Other Geographical Location$307.3M$339.1M$491.3M
United Kingdoms$161.0M$165.1M$172.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue63¢$1.8B
  • Other costs34¢$995.7M
  • Income tax1¢$38.3M
  • Profit1¢$29.1M

Out of $2.9B in revenue.7

Where each dollar of operating cash went, fiscal 2025

  • Capital spending15¢$43.7M
  • Share buybacks46¢$134.3M
  • Kept or used elsewhere39¢$113.0M

Out of $291.0M of cash from operations.7

Financial statements

Revenue8910117$2.9B in 2025+105% since 2019
0$1.0B$2.0B$3.0B2019: $1.4B$1.4B20192020: $888.0M$888.0M2020−37%2021: $1.5B$1.5B2021+65%2022: $2.7B$2.7B2022+83%2023: $2.5B$2.5B2023−6%2024: $2.8B$2.8B2024+12%2025: $2.9B$2.9B2025+2%
Operating income8910117$159.0M in 2025+100% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $79.5M$79.5M20192020: $83.7M$83.7M2020+5%2021: $44.7M$44.7M2021−47%2022: $159.2M$159.2M2022+256%2023: $90.5M$90.5M2023−43%2024: $133.1M$133.1M2024+47%2025: $159.0M$159.0M2025+19%
Net income8910117$29.1M in 2025
-$20.0M0$20.0M$40.0M$60.0M2019: -$5.3M-$5.3M20192020: $56.4M$56.4M20202021: $21.0M$21.0M2021−63%2022: $19.9M$19.9M2022−5%2023: $134.0K$134.0K2023−99%2024: $2.3M$2.3M2024+1586%2025: $29.1M$29.1M2025+1188%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Revenues$2.9B$2.8B$2.5B
Cost of services$1.8B$1.8B$1.6B
Office and general expenses$732.3M$711.8M$661.2M
Depreciation and amortization$171.2M$151.7M$142.8M
Impairment and other losses$466.0K$1.7M$11.4M
Costs and Expenses, Total$2.7B$2.7B$2.4B
Operating Income (Loss), Total$159.0M$133.1M$90.5M
Interest expense, net-$96.4M-$92.3M-$90.6M
Foreign exchange, net-$1.6M-$1.7M-$3.0M
Other, net$171.0K-$1.4M-$359.0K
Nonoperating Income (Expense), Total-$90.2M-$95.3M$542.0K
Income before income taxes and equity in earnings of non-consolidated affiliates$68.8M$37.7M$91.1M
Income tax expense$38.3M$13.2M$40.6M
Income before equity in earnings of non-consolidated affiliates$30.5M$24.5M$50.5M
Equity in income (loss) of non-consolidated affiliates$111.0K$503.0K-$8.9M
Net income$30.6M$25.0M$41.6M
Net income attributable to noncontrolling and redeemable noncontrolling interests-$1.5M-$22.8M-$41.5M
Net income attributable to Stagwell Inc. common shareholders$29.1M$2.3M$134.0K
Earnings per share, basic$0$0$0
Earnings per share, diluted$0$0$0
Weighted Average Number of Shares Outstanding, Basic220.6M shares110.9M shares117.3M shares
Weighted Average Number of Shares Outstanding, Diluted264.5M shares115.8M shares122.2M shares
Gain (loss) on disposition of business-$2.2M$0$94.5M
Business Combination, Bargain Purchase, Gain Recognized, Amount$9.9M

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The story

Founded by Miles Nadal in 1980.1

MDC Partners was founded as Multi Discipline Communications in 1980 in Toronto by Miles Nadal. The company held an IPO on October 16, 1987.

The company operated two divisions in the 1990s: Marketing and Communications and Secure Transaction Products, which included the production of checks, credit and debit cards, tickets, and stamps. Toward the end of the 1990s, MDC concentrated on growing its marketing and communications business. It continued to expand into the United States, surpassing CAD$1 billion in revenue in 2000 through acquisitions and organic growth.

In 2001, MDC formed its first partnership with the agency Crispin Porter + Bogusky.

In January 2004, the company changed its name to MDC Partners Inc.

In 2008, MDC became the first advertising company to build a capability designed for automated, or programmatic media trading, with the formation of Varick Media Management.

The company acquired Anomaly in 2010 and 72andSunny in 2011.

On July 21, 2015, Miles Nadal announced his resignation as CEO in response to an investigation by the U.S. Securities and Exchange Commission regarding executive pay and accounting practices. Nadal agreed to pay back $1.9 million in expenses and $10.6 million in salary and bonuses. He did not receive any severance or compensation for resigning. Chief accounting officer Michael Sabatino also announced his resignation and would reportedly repay $208,000 in bonuses. MDC's presiding director of the board, Scott Kauffman, succeeded Miles Nadal as chairman and CEO.

In December 2015, the company ranked 8th in Advertising Age’s global ranking of Agency Networks, by cumulative award wins. In June 2016, MDC announced the first acquisition under Kauffman of Swedish creative agency Forsman & Bodenfors, forming a strategic partnership with sister agency CP+B.

Read the full text

In April 2018, MDC acquired a 51% majority stake in digital creative agency Instrument for an undisclosed amount.

In March 2019, Mark Penn was named CEO of MDC Partners, and The Stagwell Group invested $100 million in the company.

From Wikipedia’s article on MDC Partners, shared under CC BY-SA 4.0.6

Leadership

Who has led MDC Partners, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Miles Nadal1980–2015
  2. Lori Ann Senecal2014
  3. Scott L. Kauffman2015–2018

Chair

  1. Miles Nadal1980–2015
  2. Scott L. Kauffman2015

President

  1. Stephen Pustil2006
  2. Steven Berns2006–2007
  3. Miles Nadal2007–2015
  4. Jay Leveton2021–now

Chief financial officer

  1. Steven Berns2006–2007
  2. David B. Doft2007–2019
  3. Frank P. Lanuto2019–2026
  4. Ryan Greene2026–now

Chief operating officer

  1. David Dabill2012
  2. Andre Clement Coste2016
  3. Seth Gardner2019
  4. Ryan Greene2021–now
1990200020102020
Board members and other officers (36)

Products and brands

Company overview

MDC Partners is a global advertising holding company that invests in agency partners in the areas of advertising, marketing, media management, technology, analytics and consumer insights, direct marketing, and strategic consulting. The company is headquartered in New York City and also operates a corporate office in Toronto, where it was founded. It earned approximately US$1.33 billion in revenue 2015.

MDC typically invests in creative and digital firms. Historically, it invested in agencies during times when similar companies have scaled back on acquisitions. While the company has mainly invested in North American small to mid-sized agencies, it extended onto new global markets in the 2010s. As of 2015, 9% of the company's revenue came from outside North America.

MDC does not generally acquire agencies outright, but instead partners with agency management by acquiring a 51 to 80 percent initial stake. Instead of integrating the firms, acquired agencies continue to manage their own day-to-day operations. MDC provides support to the agencies in which it has invested including business strategy and financial resources. It operates a Strategic Resources Group, which supports the development of partner agencies. In 2004, Adweek called the company an "anti-holding company".

Partner Companies

Major holdings include over 50 advertising and marketing firms:

From Wikipedia’s article on MDC Partners, shared under CC BY-SA 4.0.6

Former names

  • MDC Stagwell Holdings IncJul 30, 2021 to Aug 2, 20215
  • MDC PARTNERS INCFeb 12, 2004 to Jul 27, 20215
  • MDC CORP INCMar 12, 2001 to Feb 6, 20045
  • MDC COMMUNICATIONS CORPDec 31, 1997 to Feb 11, 20005

Timeline

  1. Aug 28, 2015New chief executive Scott L. Kauffman becomes CEO16
  2. Sep 2, 2014New chief executive Lori Ann Senecal becomes CEO17
  3. Aug 1, 2005Went public Listed on NASDAQ1
  4. Apr 1980New chief executive Miles Nadal becomes CEO1
  5. 1980Founded Founded1

Filings

343 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 54 major events, 197 insider forms, 22 large holders, 50 other. The latest 20:

  1. Oct 5, 20268-K EDGAR
  2. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  3. Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
  4. Aug 13, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Aug 11, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Aug 6, 20263 OWNERSHIP DOCUMENT EDGAR
  7. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  8. Aug 4, 20268-K EDGAR
  9. Aug 3, 20264 OWNERSHIP DOCUMENT EDGAR
  10. Aug 3, 20268-K EDGAR
  11. Jul 31, 2026144 EDGAR
  12. Jul 31, 202610-Q EDGAR
  13. Jul 30, 20268-K EDGAR
  14. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  15. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  16. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  17. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  18. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  19. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jun 12, 20264 OWNERSHIP DOCUMENT EDGAR

The 343 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

37 open-market trades by officers, directors and large owners since October 2021: 25 buys and 12 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 31, 2026Lanuto Frank PSee RemarksSale62,000$8.46$524.5KForm 4
May 13, 2026Penn Mark JefferyChief Executive OfficerBuy20,000$5.88$117.6KForm 4
May 4, 2026Gross Bradley J.DirectorSale2,163,790$6.04$13.1MForm 4
Jun 5, 2025Samaha EliDirectorBuy240,000$4.43$1.1MForm 4
Jun 4, 2025Samaha EliDirectorBuy425,757$4.27$1.8MForm 4
Jun 4, 2025BARSHEFSKY CHARLENEDirectorBuy24,350$4.31$104.9KForm 4
Jun 3, 2025Leveton JayPresidentBuy2,500$4.06$10.2KForm 4
May 21, 2025ROGERS DESIREE GDirectorBuy2,086$4.75$9.9KForm 4
May 21, 2025Penn Mark JefferyChief Executive OfficerBuy10,000$4.87$48.7KForm 4
May 9, 2025Samaha EliDirectorBuy200,903$4.76$956.3KForm 4
May 9, 2025Penn Mark JefferyChief Executive OfficerBuy10,000$4.74$47.4KForm 4
Jun 13, 2024Gross Bradley J.DirectorSale4,000,000$6.34$25.4MForm 4
Jun 13, 2024Bridge Street Opportunity Advisors, L.L.C.10% ownerSale4,000,000$6.34$25.4MForm 4
Feb 29, 2024Penn Mark JefferyChief Executive OfficerBuy10,000$5.28$52.8KForm 4
Feb 28, 2024Penn Mark JefferyChief Executive OfficerBuy10,000$5.20$52.0KForm 4
Feb 28, 2024Oosterman WadeDirectorBuy5,000$5.04$25.2KForm 4
Aug 21, 2023Leveton JayPresidentBuy7,540$4.89$36.9KForm 4
Aug 21, 2023McElligott PeterGeneral CounselBuy1,500$4.80$7.2KForm 4
May 11, 2023McElligott PeterGeneral CounselBuy2,425$5.68$13.8KForm 4
May 10, 2023DIMAGGIO VINCENZOSVP, Chief Accounting OfficerBuy5,000$5.69$28.4KForm 4

All 37 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Hotchkis & Wiley Capital Management LLC21,313,377$158.4M0.5%−1,744,680
BlackRock, Inc.8,135,127$60.4M0.0%+312,421
Madison Avenue Partners, LP8,014,322$59.5M2.6%No change
Dimensional Fund Advisors LP6,170,065$45.8M0.0%+1,134,745
ADW Capital Management, LLC5,001,000$37.2M13.6%+1,000
Vanguard Capital Management LLC4,519,814$33.6M0.0%+329,575
Boston Partners3,458,341$25.8M0.0%−126,649
Geode Capital Management, LLC2,989,372$22.2M0.0%+109,890
HighTower Advisors, LLC2,583,858$19.2M0.0%+989,345
Jpmorgan Chase & Co2,701,247$18.8M0.0%+7,474
State Street Corp2,474,330$18.4M0.0%+175,896
Penn Capital Management Company, LLC2,362,291$17.6M1.1%+201,812
Cidel Asset Management Inc1,878,426$14.0M0.7%−161,254
Diversify Advisory Services, LLC1,724,579$13.3M0.2%New
Diversify Wealth Management, LLC1,724,579$13.3M0.2%−8,015
Jane Street Group, LLC1,778,820$13.2M0.0%+148,888
ABLE Financial Group, LLC1,556,607$11.6M1.9%−552
New York State Common Retirement Fund1,459,038$10.8M0.0%+143,081
First Trust Advisors LP1,439,678$10.7M0.0%+766,036
UBS Group AG1,404,509$10.4M0.0%−678,676
Bridgeway Capital Management, LLC1,236,998$9.2M0.2%+456,648
Vanguard Portfolio Management LLC1,230,203$9.1M0.0%+143,190
First Pacific Advisors, LP1,191,918$8.9M0.1%No change
Western Standard LLC1,167,276$8.7M2.9%New
Susquehanna International Group, Llp1,160,456$8.6M0.0%+809,029

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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