The Wall Street Journal describes Stagwell as "one of a new wave of players in the advertising industry seeking to challenge traditional ad holding companies by putting a range of assets under one umbrella."  Code and Theory's speciality "in creating large-scale web experiences 'is something that’s going to be mission-critical for major products,'" according to Stagwell founder, Mr. Penn.  The terms of the deal are not public.  Stagwell has the ability to make $750 million in acquisitions.

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