<SEC-DOCUMENT>0001144204-19-001855.txt : 20190312
<SEC-HEADER>0001144204-19-001855.hdr.sgml : 20190312
<ACCEPTANCE-DATETIME>20190116163745
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-19-001855
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20190116

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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #2A2A2A">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.25in; color: #2A2A2A">January 16, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; color: #2A2A2A"><B><U>Via Edgar</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; color: #2A2A2A">Mr. Robert Littlepage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229pt 0pt 0.25in; text-indent: -0.5pt; color: #2A2A2A">Division
of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229pt 0pt 0.25in; text-indent: -0.5pt; color: #2A2A2A">Office of
Telecommunications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229pt 0pt 0.25in; text-indent: -0.5pt; color: #2A2A2A">Securities
and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 229pt 0pt 0.25in; text-indent: -0.5pt; color: #2A2A2A">100 F Street
N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; color: #2A2A2A">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #2A2A2A; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>RE:</B></TD><TD STYLE="text-align: justify"><B>MDC Partners Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #2A2A2A"><B>Form 10-K for Fiscal
Year Ended December 31, 2017 (Filed March 1, 2018)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; color: #2A2A2A"><B>Form 10-Q for Quarterly
Period Ended September 30, 2018 (Filed November 1, 2018)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0; text-indent: 0.5in; color: #2A2A2A"><B>SEC Correspondence
Dated December 20, 2018</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 71pt 0pt 0; text-indent: 0.5in; color: #2A2A2A"><B>File No. 001-13718</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; color: #2A2A2A">Dear Mr. Littlepage:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 36.7pt; color: #2A2A2A">Set
forth below is the response of MDC Partners Inc. (the &ldquo;Company&rdquo; or &ldquo;MDC&rdquo;) to the correspondence of the
Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the &ldquo;SEC&rdquo;), which was set forth
in your letter dated December 20, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 72.15pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 10-Q for the Quarter Ended September 30, 2018</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>2. Revenue, page 8</U></B></P>

<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: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="padding-right: 13.7pt"><B>Please refer to ASC 606-10-50-12 and revise future filings to address the following:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&bull; describe the nature of your performance
obligations in greater detail;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&bull; clarify how you determined that you had
more than one performance obligation with respect to your advertising services and media services arrangements;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&bull; discuss how you determined that you act
as an agent for your production services and media buying services; and</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B>&bull; for performance obligations satisfied over
time, describe in greater detail the input</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.5in"><B>methods used and how those methods are applied.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">In response to the above comment, the Company will
expand its revenue disclosure in future filings. To assist in the Staff&rsquo;s review, we have included the proposed revenue disclosure
below, presented as our disclosure previously filed within our Form 10-Q as of September 30, 2018 updated with expanded language
earmarked with an underline and any deletions with a strikethrough.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&ldquo;<B>Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">Effective January 1, 2018, the Company adopted <STRIKE>FASB</STRIKE>
<U>Financial Accounting Standards Board (the &ldquo;FASB&rdquo;)</U> ASC Topic 606, Revenue from Contracts with Customers (&ldquo;ASC
606&rdquo;). ASC 606 was applied using the modified retrospective method, with the cumulative effect of the initial adoption being
recognized as an adjustment to opening retained earnings at January 1, 2018. As a result, comparative prior periods have not been
adjusted and continue to be reported under FASB ASC Topic 605, Revenue Recognition (&ldquo;ASC 605&rdquo;). See Note <U>X</U> <STRIKE>13
</STRIKE>of the Notes to the <STRIKE>Unaudited</STRIKE> Consolidated Financial Statements included herein for additional details
surrounding the Company&rsquo;s adoption of ASC 606. <STRIKE>The Company&rsquo;s policy surrounding revenue under ASC 605 is described
in Note 2 of Item 8 of the Company&rsquo;s 2017 Form 10-K. The policies described herein refer to those in effect as of January
1, 2018.</STRIKE></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s revenue recognition
policies are established in accordance with the Revenue Recognition topics of ASC 606, and accordingly, revenue is recognized when
control of the promised goods or services are transferred to our clients, in an amount that reflects the consideration we expect
to be entitled to in exchange for those goods or services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"><FONT STYLE="background-color: white"><U>The MDC
network provides an extensive range of services to our clients offering a variety of marketing and communication capabilities including</U></FONT><U>
strategy, creative and production for advertising campaigns across a variety of platforms (print, digital, social media, television
broadcast), public relations services including strategy, editorial, crisis support or issues management, media training, influencer
engagement and events management. We also provide media buying and planning across a range of platforms (out-of-home, paid search,
social media, lead generation, programmatic, television broadcast), experiential marketing and application/website design and development.
</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The primary source of the Company&rsquo;s
revenue is from agency arrangements in the form of fees for services performed, commissions, and from performance incentives or
bonuses, depending on the terms of the client contract. In all circumstances, revenue is only recognized when collection is reasonably
assured. Certain of the Company&rsquo;s contractual arrangements have more than one performance obligation. For such arrangements,
revenue is allocated to each performance obligation based on its relative stand-alone selling price. Stand-alone selling prices
are determined based on the prices charged to clients or using expected cost plus margin.</P>

<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 13.7pt 0pt 0"><STRIKE>Revenue is recognized net of sales and other
taxes due to be collected and remitted to governmental authorities. The Company&rsquo;s contracts typically provide for termination
by either party within&nbsp;30&nbsp;to&nbsp;90&nbsp;days. Although payment terms vary by client, they are typically within&nbsp;30&nbsp;to&nbsp;60&nbsp;days.
In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination
date.</STRIKE></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"><FONT STYLE="background-color: white"><U>The determination
of our performance obligations is specific to the services included within each contract. Based on a client&rsquo;s requirements
within the contract, and how these services are provided, multiple services could represent separate performance obligations or
be combined and considered one performance obligation. Contracts that contain services that are not significantly </U></FONT><U>integrated
nor interdependent, nor that significantly modify or customize each other, are considered separate performance obligations. Typically,
we consider media planning, media buying, creative (or strategy), production and experiential marketing services to be separate
performance obligations if included in the same contract as each of these services can be provided on a standalone basis, and do
not significantly modify or customize each other. Public relations services and application/website design and development are
typically each considered one performance obligation as there is a significant integration of these services into a combined output.
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"><STRIKE>Although certain of our performance obligations
are recognized at a point in time,</STRIKE> We typically satisfy our performance obligations over time, as services are performed.
<STRIKE>Point in time recognition primarily relates to certain commission-based contracts, which are recognized upon placement
of advertisements in various media when the Company has no further performance obligation.</STRIKE> Fees for services are typically
recognized using input methods <U>(direct labor hours, materials and third-party costs)</U> that correspond with efforts incurred
to date in relation to total estimated efforts to complete the contract. <U>Point in time recognition primarily relates to certain
commission-based contracts, which are recognized upon the placement of advertisements in various media when the Company has no
further performance obligation.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0"><U>Revenue is recognized net of sales and other taxes
due to be collected and remitted to governmental authorities. The Company&rsquo;s contracts typically provide for termination by
either party within&nbsp;30&nbsp;to&nbsp;90&nbsp;days. Although payment terms vary by client, they are typically within&nbsp;30&nbsp;to&nbsp;60&nbsp;days.
In addition, the Company generally has the right to payment for all services provided through the end of the contract or termination
date.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">Within each contract, we identify whether the Company
is principal or agent at the performance obligation level. In arrangements where the Company has substantive control over the service
before transferring it to the client, and is primarily responsible for integrating the services into the final deliverables, we
act as principal. In these arrangements, revenue is recorded at the gross amount billed. Accordingly, for these contracts the Company
has included reimbursed expenses in revenue. In other arrangements where a third-party supplier, rather than the Company is primarily
responsible for the integration of services into the final deliverables <STRIKE>for our client</STRIKE>, <U>and thus the Company
is solely arranging for the third-party supplier to provide these services to our client</U>, we generally act as agent and record
revenue equal to the net amount retained, when the fee or commission is earned. <STRIKE>We have determined that we primarily act
as agent for production and media buying services.</STRIKE> <FONT STYLE="background-color: white"><U>The role of MDC&rsquo;s agencies
under a production services agreement is to facilitate a </U></FONT><U>client&rsquo;s purchasing of production capabilities from
a third-party production company in accordance with the client&rsquo;s strategy and guidelines. The obligation of MDC&rsquo;s agencies
under media buying services is to negotiate and purchase advertising media from a third-party media vendor on behalf of a client
to execute its media plan. We do not obtain control prior to transferring these services to our clients; therefore,</U> we primarily
act as agent for production and media buying services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A small portion of the Company&rsquo;s
contractual arrangements with clients include performance incentive provisions, which allow the Company to earn additional revenues
as a result of its performance relative to both quantitative and qualitative goals. Incentive compensation is primarily estimated
using the most likely amount method and is included in revenue up to the amount that is not expected to result in a reversal of
a significant amount of cumulative revenue recognized. We recognize revenue related to performance incentives as we satisfy the
performance obligation to which the performance incentives are related.&rdquo;</P>

<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; text-align: justify">There are no proposed changes to our remaining
revenue disclosures for disaggregated revenue data, contract assets and liabilities and practical expedients.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 0; text-align: justify">Please direct any questions
concerning the above responses to the undersigned (telephone: (646) 429-1818; fax: (212) 937-4365).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt; text-indent: 28.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Very truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ David Doft</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">David B. Doft</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></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>

<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"></TD><TD STYLE="width: 0.5in">cc:</TD><TD>Kathryn Jacobson, Senior Staff Accountant</TD></TR></TABLE>

<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">Vincenzo DiMaggio, 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">Ris&euml; Norman and Karen Kelley, Simpson
Thacher &amp; Bartlett LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 13.7pt 0pt 45.35pt">&nbsp;</P>



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