Sold Reputation Defender Sold Reputation Defender to a strategic buyer for approximately $40M, recognizing a gain of approximately $43M in Q3 2021.
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Renamed to Stagwell Inc. Following the Transactions, the Company changed its name from MDC Partners Inc. to Stagwell Inc. and trades on NASDAQ under STGW.
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Issuance of $1.1B 5.625% Senior Notes due 2029 In August 2021 the Company issued $1.1B aggregate principal of 5.625% senior notes, used in part to redeem the prior 7.50% senior notes due 2024. Drove a $44.2M increase in interest expense in 2022 vs 2021.
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MDC Partners and Stagwell Media combination (reverse acquisition) On August 2, 2021, MDC Partners and Stagwell Media LP completed the combination forming Stagwell Inc. Treated as a reverse acquisition with Stagwell Marketing as accounting acquirer. Historical results before Aug 2, 2021 reflect only Stagwell Marketing and are not comparable with later periods. Significant driver of YoY revenue/expense increases.
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Sale of Reputation Defender Sold Reputation Defender to a strategic buyer for approximately $40M, generating a ~$43M gain in Other, net in Q3 2021.
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Material weaknesses in internal control over financial reporting Material weaknesses identified as of December 31, 2021 in IT general controls, account reconciliations, risk assessment, control activities, information & communication and monitoring remained unremediated as of December 31, 2022. Auditor issued adverse opinion on ICFR.
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Acquired Goodstuff Holdings (UK media agency) Acquired Goodstuff Holdings Limited on December 31, 2021 for ~£21M cash plus contingent consideration up to £22M, expanding UK/Europe media buying capabilities.
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MDC Partners and Stagwell Media LP business combination announced On December 21, 2020, MDC Partners and Stagwell Media LP announced a definitive transaction agreement to combine MDC with subsidiaries of Stagwell Media that own and operate a portfolio of marketing services companies. If consummated, the Proposed Transactions would constitute a Change of Control.
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Combination of MDC Partners and Stagwell Marketing Group On August 2, 2021, MDC Partners Inc. and Stagwell Media LP completed their combination, treated as a reverse acquisition with MDC as legal acquirer and Stagwell Marketing as accounting acquirer. The Company became Stagwell Inc. Historical financials before August 2, 2021 reflect only SMG; period-over-period comparability is materially affected.
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Acquired remaining 49% of Instrument Purchased the approximate 49% remaining interest of Instrument for $157M total consideration including $37.5M cash and $37.5M shares plus deferred payments.
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