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Q2 organic revenue at MDC Partners dropped 26.4% year-over-year to $259.7 million, the company reported Thursday. Organic revenue was unfavorably impacted by "billable pass through costs," the company wrote in its earnings presentation before touting $20.5 million of Q2 net new business wins. The slide deck only mentioned the proposed merger of MDC Partners and Stagwell Group in a footnote.
President Trump hit TikTok and WeChat with an executive order Thursday banning dealings with the Chinese owners of the apps. TikTok is owned by ByteDance and WeChat by Tencent Holdings. (Associated Press) In a statement posted to its website Friday, TikTok said it would "pursue all remedies available to us in order to ensure that the rule of law is not discarded and that our company and our users are treated fairly — if not by the Administration, then by the US courts." Shares of Tencent dropped Friday on the news. (Wall Street Journal)
Media empire News Corp reported a fiscal Q4 loss of $397 million Thursday. The company said the pandemic cut advertising revenue in half, offsetting profits from Wall Street Journal parent Dow Jones & Co. where earnings grew 13%. (Wall Street Journal)
This Thursday's PRWeek's podcast guest was KayAnn Schoeneman, SVP and director of corporate and public affairs for Curley Company. She talked about leaving Ketchum for a boutique agency and spoke with editors Steve Barrett and Frank Washkuch about diversity stats at Edelman and Taylor, the rebirth of Got Milk? and more.
Mark Zuckerberg became a centibillionaire and is worth at least $100 billion after shares of Facebook rose Thursday. Zuckerberg owns 13% of the company, according to the Bloomberg Billionaires index. Reportedly only Amazon's CEO Jeff Bezos and Bill Gates are wealthier. (CNN Business)
Go here to email Breakfast Briefing author Thomas Moore.
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