The Stagwell Group has made a $100m strategic equity investment into marketing and communications network MDC Partners.
The agreement comes after MDC launched a strategic review process and CEO search in September 2018.
Stagwell has purchased $50m in common shares and $50m in non-voting convertible preference shares as part of the agreement.
It will also one-time Microsoft executive Mark Penn join as chief executive of network, filling the spot of Scott Kauffman who left last year after warning about the group's profits.
The group counts 72andSunny, Anomaly, Crispin Porter Bogusky and also Forsman & Bodenfors among its stable agencies.
Presiding director of the MDC Partners' board, Irwin Simon, said: "The financial flexibility and resources provided by this investment will allow for a strengthened capital structure as well as the liquidity to selectively invest behind our world-class talent while focusing on high-priority growth areas.
"We are thrilled that this investment and Mark’s leadership will help MDC Partners reinforce its position as inspiring change-agent in our industry and home to extraordinary talent.”
On joining the company, Penn said: “I have admired MDC for a long time and believe wholeheartedly in its mission. It is home to some of the world’s best creative and strategic talent; strategists with a deep understanding of the way technology and media solutions address the needs of today’s modern marketer."