CreditSights logo
Forgot Password?

MDC Partners

MDC Partners is an advertising agency conglomerate, which garners the bulk of its revenues from the US (77% of year end 2017 revenues) and Canada (8%). Its agencies offer a range of marketing, communications, branding and advertising services - similar to the services offered by the agencies of its larger peers in the sector WPP, Omnicom, Publicis and Interpublic Group. MDC's inorganic growth strategy, dubbed the 'perpetual partnership' strategy, is unique in that MDC typically only takes a majority ownership position in agencies it acquires and leaves a large controlling equity or economic position with the previous owners as well as significant earnout/buyouts in place to align incentives. Miles Nadal, the founder of MDC, stepped down as CEO in July 2015. He was replaced by Scott Kauffman. David Doft, who joined MDC in 2007, is the CFO. (28 Mar 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

August 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Sep 2018, 9:49 PM ET - Our monthly report provides executive summaries for the thirty company recommendation changes made on North American companies during the month of August.

WPP: A Look Ahead to 2Q18 Results

Company Spotlight: 13 Aug 2018, 10:51 PM ET - We discuss recent results from the ad agency holdcos and Nielsen ahead of WPP’s 2Q18 earnings set to be released on September 4th.

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.
Focused

MDZACN 2Q18: Not the Quarter it Needed

Earnings Note: 02 Aug 2018, 11:16 PM ET - MDC’s 2Q18 missed our expectations and we expect the bonds to sell off following these results.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.

DC Circuit Court Rules for FCC; UHF Discount Stays

Sector Analysis: 26 Jul 2018, 4:42 AM ET - The DC Circuit Court of Appeals dismissed a lawsuit challenging the FCC's decision to reinstate the UHF discount. We take a look at the ruling and what this means for the broadcasters. 

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

NYC HY Conference: Gray Television

Transcript: 06 Jul 2018, 6:10 AM ET - We presented our view of local television and why we still like its position even as our video options increase. We discussed our positive view and o/p rec on GTN's 2026s with an update for its Raycom acquisition announced the next week.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

May 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2018, 9:25 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of May.

US Media: A Top Down Look at Linear Networks

Sector Analysis: 30 May 2018, 5:39 AM ET - We all know video subscribers are declining, but that means different things for different content owners. We review cable and broadcast networks relative positioning across a number of metrics. 

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 
Focused

MDC Partners: Sailing Close to the Wind… Again

Earnings Note: 16 May 2018, 4:45 AM ET - MDC disappointed the markets at 1Q18 sending its equity and unsecured ‘24s down materially. Despite the weak results, MDZACN ‘24s look oversold in our view and we are upgrading to Outperform.
Focused

MDZACN: What to Take from the 1Q18 Miss

Worth Watching: 09 May 2018, 9:16 PM ET - MDZACN had a disappointing start to 2018, with organic revenue growth of only 1%, steep EBITDA decline and a downgrade to its full year guidance. This is in the context of an industry which is struggling. MDC is also a name with a poor track-re ..

HY TV Broadcasters: 4Q17 Recap; 1Q18 Outlook (1/2)

Sector Analysis: 23 Apr 2018, 3:44 AM ET - In Part 1, we review 4Q17 results and our outlook for 1Q18. We focus on: ad revenue trends; expectations for political; retrans, subscriber levels and OTT services; leverage trends; and M&A (and why there haven't been more deals).

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>

Sector

Refine Results