<SEC-DOCUMENT>0001144204-14-039880.txt : 20141015
<SEC-HEADER>0001144204-14-039880.hdr.sgml : 20141009
<ACCEPTANCE-DATETIME>20140626180124
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-14-039880
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MDC PARTNERS INC
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE, 19TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19961028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORPORATION
		DATE OF NAME CHANGE:	19950419
</SEC-HEADER>
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<TYPE>CORRESP
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt; margin-left: 1.75in"><FONT STYLE="font-size: 10pt">&#9;&#9;</FONT>&#9;June 26, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I><U>Via FedEx and Edgar</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Larry Spirgel<BR>
Assistant Director<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street N.E.<BR>
Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>RE:</B></TD><TD><B>MDC Partners Inc.</B></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD><B>Form 10-K for the Year Ended December 31, 2013</B></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD><B>Filed March 10, 2014</B></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD><B>Form 8-K filed February 20, 2014</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD><B>Response dated May 19, 2014</B></TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"></TD><TD><B><U>File No. 001-13718</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Spirgel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.05pt">Set forth below are
the responses of MDC Partners Inc. (the &ldquo;<B>Company</B>&rdquo;) to the additional comments of the Staff of the Division of
Corporation Finance, which were set forth in your letter dated June 13, 2014 regarding the Company&rsquo;s above-referenced filings
and correspondence. The responses to the Staff&rsquo;s comments are provided in the order in which the comments were set out in
the June 13<SUP>th</SUP> letter and are numbered correspondingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.05pt">The Staff&rsquo;s
comments, indicated by bold, are followed by responses on behalf of the Company. Page references below are to the applicable Exchange
Act filing, as the case may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-K for Fiscal Year Ended December 31, 2013</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Consolidated Statement of Cash Flows, pages 48-49</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD><B>We note your response to comment 3. We note that payment amounts attributable to the accretion of present value and changes
in fair value are recorded as an expense in the statement of operations. Accordingly, please reclassify the component of acquisition
related payments attributable to changes in fair value and accretions of present value under operating activities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company believes that its
classification of the component of acquisition related payments attributable to changes in fair value and accretions of
present value under financing activities is appropriate. Since there is no specific guidance on point, the Company believes
the guidance in ASC 230-10-45-13c and 230-10-45-14 through 45-15c justifies the Company&rsquo;s position. This guidance
states that payments at the time of purchase or soon before or after purchase to acquire property, plant, and equipment and
other productive assets are investing activities. The guidance continues to state that however, incurring debt directly
related to a seller is a financing transaction and subsequent payments of principal on that debt thus are financing cash
outflows. By analogy, the Company believes the guidance in ASC 230 would indicate that payments related to acquisitions that
are made in periods subsequent to the original purchase should be classified as financing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Staff is seeming to suggest that because
increases in the contingent earn out liability was charged to operations and thus was a non-cash operating activity item for the
statement of cash flows, then the payment of this incremental amount should be reflected in operating activities. We do not think
this is appropriate or required. If the earn out liability was reduced, the credit to operations would be reflected as a non-cash
reduction to cash flows from operating activities. The Company&rsquo;s payment of this reduced liability would be a financing activity,
with no offset to the earlier non-cash amount. Furthermore, for fixed assets, the initial payment for the asset is an investing
activity, while the depreciation of the asset is an operating activity and the replacement cost for that depreciated asset is another
investing activity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Therefore, the Company believes that while
deferred acquisition consideration payments are not debt by their nature, they are a type of seller-financing. The change in deferred
acquisition amounts closely represent what we would pay for the acquired business if we acquired that business today. These earn-outs
are negotiated as a means for us to acquire the target company today when a seller believes his company will be worth more several
years in the future. Without the inclusion of earn-outs the majority of our acquisitions would not come to fruition. Thus we believe
this further supports our position that the deferred acquisition liability inclusive of any changes are a direct cost related to
funding the acquisition and therefore should be reflected as a financing activity in our cash flows. In addition the concept that
the deferred acquisition (inclusive of changes) is a form of seller financing is supported by the fact that the Company&rsquo;s
credit agencies, Moody&rsquo;s and Standard &amp; Poors, each treat these payments as debt when determining the Company&rsquo;s
credit rating.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Also of note, is that both equity and credit
investors in the Company focus on the underlying cash generation of the Company&rsquo;s day-to-day operations to get the best indication
of the health of the business. They further view all components of deferred acquisition consideration as principal payment for
acquisitions and thus contingent debt on the balance sheet when conducting equity valuation analysis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will expand its disclosure in
the footnotes to clearly address how the payments are accounted for in the cash flow statement. The Company will add a statement
that the Acquisition related payments included in the Cash Flows from financing activities represent both payment of the initial
contingent liability recorded and subsequent changes in the fair value of the liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD><B>Please tell us how the line item &ldquo;Adjustment to Deferred Acquisition Consideration&rdquo; (Cash Flows from Operating
Activities) reconciles to &ldquo;Redemption Value&rdquo; as presented on page 79. In addition, include in footnote 13 your definitions
of &ldquo;Grants&rdquo; and &ldquo;Redemption Value Adjustments&rdquo; as stated in your response to comment 6.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The line item &ldquo;Adjustment
to Deferred Acquisition Consideration&rdquo; (Cash Flows from Operating Activities) includes the adjustments for changes in fair
value and accretions of present value that are flowing through the applicable period&rsquo;s operating results, but excludes the
adjustments that are flowing through stock-based compensation (which are compensatory charges also included in the periods&rsquo;
operating results). The &ldquo;Redemption Value&rdquo; on page 79 includes &ldquo;Adjustments to Deferred Acquisition Consideration&rdquo;
plus the adjustments related to the deferred acquisition consideration that are recorded as stock-based compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; background-color: white">The Company confirms
it will include in footnote 13 the specific definitions of &ldquo;Grants&rdquo; and &ldquo;Redemption Value Adjustments,&rdquo;
as stated in our previous response to comment 6 and further clarified in response 6 below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Deferred Acquisition and Contingent Consideration (Earnouts),
page 37</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Critical Accounting Policies (Business Combinations),
page 40</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD><B>We note your response to comment 4. It appears that you used the income approach to measure the fair value of the deferred
acquisition and contingent consideration arrangement. If so, please tell us the following</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>a.</B></TD><TD><B>What approaches you used to estimate future cash flows;</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>b.</B></TD><TD><B>How you gave effect to contract valuation formulas in your measurements; and</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><B>c.</B></TD><TD><B>What discount rates were used and whether they were developed from a market participant&rsquo;s perspective.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>In addition, please tell us why the quarterly
adjustments are impacted by the change in the various contractual valuation formulas.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company does use the income
approach to measure the fair value of deferred acquisition and contingent consideration arrangements. This approach is used because
the underlying contractual formulas are based on the future operating results of the acquired companies. The Company uses the average
of multiple estimated growth rates to determine the estimated operating results which are the basis for the deferred acquisition
and contingent consideration arrangements. These growth rates are applied to the estimated operating results for the current year
which are updated on a quarterly basis. The Company performs a detailed review of each acquired entity&rsquo;s budget for the current
year and strategic plan for the next three years to determine estimated growth rates. The Company then uses a range of expected
growth rates based on its knowledge of the industry and recent experience. The average of these estimated growth rates is applied
to current budget.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">All of the deferred acquisition
and contingent consideration arrangements have stated contractual valuation formulas which are used to determine the estimated
payments to be made. All of these formulas are based on current and future operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company uses its weighted
average cost of capital (&ldquo;WACC&rdquo;) which it has determined to be consistent with other market participants. The WACC
rate for 2013 was 9.5%. As part of our WACC analysis, the Company looked&nbsp;to the average of its comparable peers&rsquo; weighted
average cost of capital to determine the relevant market WACC.&nbsp;The Company&nbsp;performed a detailed analysis of the capital
structure and cost of debt and equity for each of the peers, which represent the primary competition for business and the acquisition
of new partner agencies.&nbsp;The data shows that the difference between MDC&rsquo;s weighted average cost of capital and that
of its peers is de-minimis.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">Quarterly adjustments are impacted
based on changes in contractual valuation formulas in such that the formulas do not change on a quarterly basis but the estimated
operating results do change based on the nature of the industry. Quarterly changes to estimated operating results occur due to
either significant new clients wins (greater than those budgeted for) and/or significant client losses and/or a lack of new client
wins (which had been budgeted for) occur. These occurrences impact the estimated operating results which in turn impact the estimated
deferred acquisition and contingent consideration arrangement payments to be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>11. Bank Debt, Long-term Debt and Convertible Notes, page
72</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>We note your response to comment 5. We also note that you were required to obtain consent
from your lenders for payment of dividends to you by the Loan Parties (such named subsidiaries on the signature page of your Restated
Credit Agreement) to permit you to redeem the stock appreciation rights. Considering that such Loan Parties may not transfer assets
to you without the consent of your lenders, it appears to us that you have restrictions on the transferability of assets from such
Loan Parties (restricted subsidiaries). We therefore reiterate our previous comment. Please tell us how you calculated your proportionate
share of restricted net assets of your consolidated and unconsolidated subsidiaries for the purposes of providing restricted net
asset disclosures and parent-only financial statements.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company acknowledges that lender consent was obtained to
permit redemption of the stock appreciation rights, including to the extent Loan Parties made cash dividends to Parent to fund
such redemption. However, we instead&nbsp;respectfully refer to the instruction contained within both Rule 4-08(e)(3)
and Rule 5-04. Specifically, &ldquo;where restrictions on the amount of funds which may be loaned or advanced differ from
the amount restricted as to transfer in the form of cash dividends, the amount least restrictive to the subsidiary shall be used.&rdquo;&nbsp;
The Company confirms that there are no restrictions contained in the Credit Agreement with respect to the amount of funds that
may be loaned and/or advanced by and among Loan Parties, including Parent; to the contrary, such intercompany advances and/or
loans are expressly permitted by the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>13. Fair Value Measurements, page 79</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>We note your response to comment 6. For each significant acquisition disclosed in note 4 on
page 63, please tell us the specific factors that you considered in concluding that as of the acquisition dates, the contingent
consideration was not considered a compensatory arrangement pursuant to ASC 805-10-55-25.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company reviews each purchase
agreement for elements of compensatory arrangements. If any compensatory arrangements exist, the Company classifies such arrangements
as a stock-based compensation charge. The Company&rsquo;s purchase agreements for new acquisitions are similar and may at times
contain elements of compensatory arrangements. For example, if a purchase agreement contains a provision that require a seller
to forfeit payments if employment terminates, then such payments are classified as a stock-based compensation charge. We also evaluate
the employees&rsquo; total compensation to confirm that it is at a reasonable level compared to the other executives in the company
(which it has been for all previous acquisitions). The purchase consideration paid must also be in proportionate share to the economic/ownership
interest sold to the Company, which all deals have been to date. The payments are derived from formulaic calculations based on
the results of operations (or earnings) for the acquired equity, and as such are treated as acquisition payments for tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">In addition, the Company may
from time to time have compensatory elements included in our step-up agreements, pursuant to which the Company acquires the remaining
minority equity interests from an agency founder. In these transactions, a portion of the applicable purchase payments may be contingent
on continued employment. Therefore, those payments are appropriately treated as stock-based compensation which amounted to approximately
$6.2 million for 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>6.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>We note your response to comment 6. Please tell us what you mean by &ldquo;stock based compensation
charges relating to acquisition payments that are tied to continued employment&rdquo;. Also, tell us why the accretion of the present
value is not reflected in the table on page 79 showing the movement of the &ldquo;contingent payments&rdquo; liability account.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">In Company&rsquo;s response to
comment 6 &ldquo;stock based compensation charges relating to acquisition payments that are tied to continued employment&rdquo;
refers to when there is a compensatory element in our acquisition agreements as noted in response 5 above. These arrangements are
charged to the operating results through stock-based compensation when earned. These amounts are generally settled in cash payments,
not stock. Any amounts not paid when earned are included in the liability - deferred acquisition consideration. The Company believes
this to be a conservative treatment. As stated above in comment 1, the credit agencies and both equity and credit investors in
the Company view deferred acquisition consideration as debt when evaluating the financial health of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.5in">Redemption
Value Adjustments also include the accretion of the present value. The Company will update the definition of Redemption Value Adjustments
to fair value changes from the Company&rsquo;s initial estimates of deferred acquisition payments, including the accretion of present
value and stock based compensation charges relating to acquisition payments that are tied to continued employment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 8-K filed February 20, 2014</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Exhibit 99.1</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Schedule 4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Free Cash Flow</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>We note your responses to comments 7 and 9. Since &ldquo;Free cash flows&rdquo; as presented
in your earnings releases includes line items that are of an operating nature, we do not believe that it is appropriate to characterize
this measure as &ldquo;Free cash flows&rdquo; or &ldquo;Adjusted cash flows&rdquo;. Accordingly, please revise future filings.
Confirm in writing that you will do so and explain to us how you intend to comply.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company respectfully disagrees
and continues to believe that &ldquo;free cash flow&rdquo; is an appropriate term. Alternatively, when identified adjustments are
necessary to an investor&rsquo;s understanding of the presentation, the term &ldquo;adjusted free cash flow&rdquo; would be used.
&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">While the Company recognizes
that this measure does not have a uniform definition and its title does not describe how it is calculated, the Company believes
that free cash flow, as currently defined by the Company, helps investors analyze underlying trends in our business, evaluate the
performance of our business both on an absolute basis and relative to our peers and the broader market, provides useful information
to both management and investors by excluding certain items that may not be indicative of our core operating results and operational
strength of our business, and helps investors evaluate our ability to reduce net debt, make strategic investments and pay dividends
to common shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">The Company agrees that a clear
description of how this measure is calculated, as well as the necessary reconciliation, should accompany the measure where it is
used (see Staff C&amp;DI 102.07, January 11, 2010).&nbsp; The Company has provided such a description and reconciliation in its
filings.&nbsp; In addition, the specific adjustments listed in Schedule 4, including some of an operating nature, are consistent
with ensuring that the presentation would not &ldquo;inappropriately impl[y] that the measure represents the residual cash flow
available for discretionary expenditures&rdquo; (see Staff C&amp;DI 102.07, January 11, 2010).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><B>8.</B></TD><TD><FONT STYLE="font-size: 10pt"><B>Please tell us how you intend to address &ldquo;record results&rdquo; in your future earnings
releases, since the phrase does not appear to apply to your measures of liquidity and performance under GAAP.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">In future earnings releases,
the Company will limit the use of the phrase &ldquo;Record Results&rdquo; only to measures of performance defined by GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company hereby acknowledges the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company is responsible for the adequacy and accuracy of the disclosure in its filings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action
with respect to the filings; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the
federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt">Please direct any questions concerning
the above responses to the undersigned (telephone: (646) 429-1805; fax: (212) 937-4365).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.05pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid">/s/ David Doft</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">David Doft</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jonathan Groff, Staff Attorney<BR>
Kathryn Jacobson, Staff Accountant<BR>
Dean Suehiro, Staff Accountant<BR>
&#9; Securities and Exchange Commission</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Miles S. Nadal, Chairman and Chief Executive
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mitchell Gendel, General Counsel &amp; Corporate
Secretary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Michael Sabatino, Chief Accounting Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Members of the Audit Committee of Board
of Directors of MDC Partners Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Thomas McLoughlin, BDO USA LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<P STYLE="margin: 0"></P>

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