Harris Owner Stagwell Group Secures $260m Funding

Investment advisory firm The Stagwell Group, the owner of the Harris and Harris Poll brands, has raised $260m in investment funding. The money will support its strategy of building a network of marketing and research companies.

Founded in 2015 by Penn Schoen Berland co-founder Mark Penn (pictured), Stagwell focuses on buying 'digital-first' companies that use technology and data to inform creative work - including advertising, research, data analytics and PR. After acquiring NRG, which provides global tracking metrics for Hollywood studios, Stagwell bought Nielsen custom research assets including the Harris brand and Harris Poll, Nielsen's Mobile Insights Survey and its Total Communications Survey, which have been renamed HarrisX. In 2016, Stagwell also bought Canadian tech company Hubub, which has formed the core of Stagwell Technologies, and last year it acquired a majority stake in the entertainment marketing division of Creative Artists Agency (CAA), as well as marketing agency Forward3D Group.

New investment in Stagwell Media LLC comes from funds managed by AlpInvest Partners, the first outside investor in the group. Penn commented on the news: 'We are excited to have AlpInvest support our mission in creating a network of strategists and tacticians that is nimble and digital-centric, building a go-to resource for brands looking to succeed in today's complex marketplace. We created Stagwell as a meaningful alternative to the holding companies, aptly named, since they have long been holding brands back from delivering on their full potential in a digital-first world.'

Web site: www.stagwellgroup.com .