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    Stagwell completes acquisition of digital transformation agency Instrument

    By SHOOTUpdated:No Comments1800 Views
    Stagwell chairman & CEO Mark Penn
    NEW YORK --

    Stagwell Inc. (NASDAQ: STGW)–which maintains a network of varied shops, including such agencies as 72andSunny, Anomaly, Crispin Porter Bogusky, Doner, Colle McVoy and Forsman & Bodenfors–has acquired the remaining 49% of Instrument, a digital brand and experience innovation company. Founded in Portland, Oregon, Instrument employs over 400 people working on clients including Nike, Google, Salesforce and Epic Games.  Stagwell’s predecessor company, MDC Partners, had acquired 51% of Instrument in 2018.

    “Instrument is all in with Stagwell,” said Stagwell chairman and CEO Mark Penn. “Instrument is a first-rate digital company, having grown over 30% annually in each of the past two years. The entire leadership team has done an excellent job of growing their business while developing a culture of innovation, inclusion and outstanding client service.”

    Stagwell’s additional investment in Instrument fully aligns Stagwell with one of its fastest-growing businesses, provides for easier-to-scale digital operations and creates greater certainty for investors through full-ownership. The deal includes a fixed payment amount spread across a three-year term, split between cash and stock in STGW. This mutually beneficial structure provides Instrument’s management with appropriate incentives for their efforts and creates significant shareholder value. 

    “We believe in Instrument’s future with Stagwell and are pleased to take the final step into the network,” said Instrument CEO Justin Lewis, citing the growth and development opportunities that Stagwell’s investment will provide.

    Tags:InstrumentJustin LewisMark PennStagwell



    India’s legendary filmmaker Shyam Benegal dies at age 90

    Tuesday, December 24, 2024
    Indian film directors Shyam Benegal, right, is seen during a discussion on Indian Cinema in Hyderabad, India, Monday, Feb. 18, 2008. (AP Photo/Mahesh Kumar A, File)

    Shyam Benegal, a renowned Indian filmmaker known for pioneering a new wave cinema movement that tackled social issues in the 1970s, has died after suffering from chronic kidney disease. He was 90.

    His contribution to cinema was recognized as a director, editor and screenwriter. He was also credited with a new genre of filmmaking.

    Benegal passed away on Monday at Mumbai's Wockhardt Hospital, and his cremation will take place on Tuesday, the Press Trust of India news agency reported, citing his daughter Piya.

    "Benegal had been suffering from chronic kidney disease for several years but it had gotten very bad. That's the reason for his death," Piya said.

    Many paid tribute to the legendary filmmaker on social media platform X.

    Filmmaker Mahesh Bhatt wrote that Benegal told stories without pretense. "They were raw and real, about the struggles of ordinary people. His films had craft and conviction."

    "Deeply saddened by the passing of Shyam Benegal, whose storytelling had a profound impact on Indian cinema. His works will continue to be admired by people from different walks of life," India's Prime Minister Narendra Modi tweeted.

    He was a mentor to top Indian actors, including Shabana Azmi, Smita Patil, Naseeruddin Shah, and Om Puri who made their mark in Bollywood's popular cinema as well.

    "I have lost my foster father, a man to whom I owe more than I can say," posted Naseeruddin Shah.

    "Shyam Benegal was not just a legend; he was a visionary who redefined storytelling and inspired generations," said actor Manoj Bajpayee.

    Benegal came into the limelight in the 1970s, with a series of films that challenged mainstream Bollywood. His films Ankur (1974), Nishant (1975), Manthan (1976), and Bhumika (1977)... Read More

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