In April, the holding company announced its acquisition of Sloane & Co. and then a month later Allison & Partners. At that time, MDC CEO Miles Nadal told PRWeek, “We've done three acquisitions this year, and we're committed to spending up to $100 million over the next 12-18 months."
Yes, MDC is spending, and even with no particular agency in mind. According to The New York Times, the company is putting on its venture capitalist hat in a really creative way.
Would-be entrepreneurs will be invited to submit business plans for agencies in any area of marketing communications. MDC will review the submissions, choose at least one plan from among 10 finalists and invest $1 million in starting it up in exchange for a 51 percent stake in the new shop.
Seems like a win-win for MDC and the organization chosen, from both a value and promotional standpoint.