MDC Partners is exploring the possible sale of the company, according to a company statement, as the network "evaluates potential strategic alternatives," according to a company statement.
This review process is proceeding in parallel with the Company's previously announced search to identify a successor CEO, following last week's departure of CEO Scott Kauffman.
However, there is no timetable for completing this review process.
"The Company does not intend to disclose developments or comment further regarding its strategic review or CEO search until such time as its Board of Directors has determined the outcome of the process or otherwise has determined that further disclosure is appropriate or required," according to the statement.
This news comes after Thursday's Wall
Street Journal published a report that the network is working with boutique investment bank LionTree to shop the company to potential buyers, according to some of the people.
This is the second time MDC has retained LionTree in two years, though the WSJ erroneously claimed the network explored a sale in this time frame.
In 2016, LionTree was retained to explore capital structure alternatives.