“The private equity firm founded with a quarter-billion dollar check from the former Microsoft chief Steven A. Ballmer has made its first purchase,” reports The New York Times.

The Times report, in part, also stated:

“The firm, the Stagwell Group, which is being run by the former advertising executive Mark Penn, will acquire SKDKnickerbocker, the public relations group best known for its advertising and campaign work for prominent Democratic clients.

“It is the first step in what Mr. Penn said would be an attempt to create a cohesive group of advertising, research, public relations and marketing companies.”

SKDKnickerbocker has offices in D.C., NYC, LA and Albany, NY.

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