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Nov. 11, 2021, 10:33 a.m. EST

Goldman discloses 19% stake in marketing company Stagwell

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By Steve Gelsi

Goldman Sachs Group Inc. /zigman2/quotes/209237603/composite GS -1.20% disclosed an ownership stake of about 20.95 million shares or 18.5% of marketing services company Stagwell Inc. /zigman2/quotes/208009087/composite STGW -0.29% , according to filings on Wednesday. The holding is valued at about $210 million based on Stagwell's stock price of $10.05 a share on Thursday. Stagwell announced on Sept. 23 that it would convert Series 6 and Series 8 preferred stock as part of an effort to streamline and simplify its capital structure, but it did not name the entity receiving the stock. A spokesperson for the company said Goldman had held the convertible stock as part of a prior investment in the company. Mark Penn, the ex-Microsoft Corp. /zigman2/quotes/207732364/composite MSFT -1.85% executive known for popularizing the term "soccer mom," founded Stagwell in 2015 to invest in advertising, research, data analytics, public relations and online marketing companies. The firm raised $250 million in funding and drew in loans and other financing, including backing from Microsoft co-founder Steve Ballmer.

/zigman2/quotes/209237603/composite
US : U.S.: NYSE
$ 343.91
-4.19 -1.20%
Volume: 4.90M
Jan. 21, 2022 4:00p
P/E Ratio
5.79
Dividend Yield
2.33%
Market Cap
$115.14 billion
Rev. per Employee
$1.60M
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/zigman2/quotes/208009087/composite
US : U.S.: Nasdaq
$ 6.96
-0.02 -0.29%
Volume: 377,703
Jan. 21, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.04 billion
Rev. per Employee
$296,459
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/zigman2/quotes/207732364/composite
US : U.S.: Nasdaq
$ 296.03
-5.57 -1.85%
Volume: 57.98M
Jan. 21, 2022 4:00p
P/E Ratio
33.09
Dividend Yield
0.84%
Market Cap
$2222.59 billion
Rev. per Employee
$973,762
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