Crispin Porter & Bogusky has given up its independence by allowing the Toronto-based MDC Partners to acquire a majority stake in it.
MDC is raising its share from 49 per cent to 77 per cent. "The deal will allow us to continue to do what we do best," Chuck Porter, the Crispin Porter chairman, said. "We will continue to make all decisions together on what is best for the agency."
Miles Nadal, the MDC chairman, said the new arrangement would have no impact on the relationship between the holding company and the agency. "If Crispin Porter & Bogusky wasn't fully supportive of it, we would not have done it," he insisted.
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