Stagwell's first-quarter organic net revenue fell 3%. CEO Mark Penn said during a conference call that the holding company's results are in line with expectations given trends in tech, finance and banking.
“The tech industry, which is 18% of our net revenue and grew 32% for us in 2022 … grew only 3% in Q1 as these companies went into slowdown mode, but we still managed some growth out of them,” he said. “We're seeing some lifting of the curtain there now as tech earnings were solid this quarter.”
Stagwell still expects organic net revenue growth of 7.5% to 10% this year. “We expect to return to double-digit growth in the later quarters, especially given strong new business wins within the quarter and after the close,” Penn said in a press release.
The holding company also announced it would repurchase 23.3 million of its shares from AlpInvest Partners, the private-equity firm owned by global asset manager Carlyle Group, for about $150 million. Also, Stagwell Media, an investment fund backed by billionaire Steve Ballmer and Penn, is nearing an agreement to close out AlpInvest’s remaining interest in that fund. AlpInvest invested $260 million in Stagwell Media in 2018.
Horizon celebrates working moms
This Mother’s Day, Horizon Media is highlighting working moms and their experiences in the workplace as part of its second annual “Mother of all Titles” campaign. The media agency is also releasing a study of more than 1,300 working moms that reveals what they are—and are not—getting from their work environment.
According to the Bureau of Labor Statistics, almost 73% of mothers with children under the age of 18 work. The “Mother of all Titles” study spotlights working mothers’ concerns about workplace issues such as lack of healthcare benefits, minimum maternity leave offerings and fear of repercussions for taking time off. Half of working moms indicated that flexible work-from-home or remote policies are “extremely important,” but only 31% say they are currently offered by their employers.
Horizon is also celebrating agency moms and their stories on its LinkedIn page, calling on moms and allies to update their profiles and photo frames with the #TheMotherOfAllTitles ring and manifesto. The initiative will run through May 31.
More news: Mother's Day 2023 campaigns
Mother knows best?
Meanwhile, brand and business consultancy Blackjet is highlighting its own moms—and in a new video tests how much they know about what their children do in advertising.