<SEC-DOCUMENT>0001104659-24-004816.txt : 20240313
<SEC-HEADER>0001104659-24-004816.hdr.sgml : 20240313
<ACCEPTANCE-DATETIME>20240118161640
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-24-004816
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240118

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Stagwell Inc
		CENTRAL INDEX KEY:			0000876883
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-ADVERTISING AGENCIES [7311]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				980364441
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007
		BUSINESS PHONE:		646 429 1800

	MAIL ADDRESS:	
		STREET 1:		ONE WORLD TRADE CENTER, FLOOR 65
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10007

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC Stagwell Holdings Inc
		DATE OF NAME CHANGE:	20210729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC PARTNERS INC
		DATE OF NAME CHANGE:	20040206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MDC CORP INC
		DATE OF NAME CHANGE:	20001204
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: Red"><IMG SRC="tm243620d1_correspimg001.jpg" ALT=""><B></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>VIA EDGAR</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">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
Office of Trade &amp; Services<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attn: Aamira Chaudhry, Stephen Kim&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">January 18, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</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 STYLE="width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RE:</B></FONT></TD>
    <TD STYLE="width: 92%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stagwell Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Form 10-K for Fiscal Year Ended December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File No. 001-13718</B></FONT></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 Ms. Chaudhry and Mr. Kim:</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">On behalf of Stagwell Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;
or &ldquo;<B><I>we</I></B>&rdquo;), I submit this letter in response to comments set forth in the letter dated December 19, 2023 from
the Staff of the Division of Corporation Finance, Office of Trade &amp; Services (the &ldquo;<B><I>Staff</I></B>&rdquo;) of the Securities
and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) relating to the Company&rsquo;s Annual Report on Form 10-K for the
year ended December 31, 2022 (the &ldquo;<B><I>2022 Form 10-K</I></B>&rdquo;). In this letter, I have recited the comments from the Staff
in italicized type and have followed each comment with the Company&rsquo;s response.</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">********************************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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, 2022</U></B>&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"><U>Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Year Ended December 31, 2022 Compared to Year Ended December 31,
2021</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Consolidated Results of Operations </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Net Revenue, page 47</U></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: 13.5pt"><FONT STYLE="font-size: 10pt"><I>1.</I></FONT></TD><TD><FONT STYLE="font-size: 10pt"><I>Please clarify for us in further detail what the Net Acquisitions (Divestitures) and the organic
revenue growth/decline change components represent and how they are calculated. If helpful, please provide a numerical example of the
calculations.</I></FONT></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; text-align: justify">The Company acknowledges the Staff&rsquo;s comment
and has included a discussion below of all the components of net revenue change: the net impact of acquisitions and divestitures; the
impact of foreign currency exchange fluctuations; and organic net revenue growth (decline). The Company&rsquo;s management evaluates each
of these components in operating the Company&rsquo;s business and believes that disclosing all of these components together provides readers
with useful supplemental information for a more comprehensive understanding of the drivers of year-over-year changes in the Company&rsquo;s
reported net revenue.</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">After consideration of the Staff&rsquo;s comment
and in order to clarify its disclosure, the Company advises the Staff that it intends to revise its disclosure in its future filings with
the Commission, beginning with its Annual Report on Form 10-K for the year ended December 31, 2023 (the &ldquo;<B><I>2023 Form 10-K</I></B>&rdquo;).
The revised disclosure that the Company intends to provide in the 2023 Form 10-K is included at the end of this response.</P>

<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-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Impact of Acquisitions and Divestitures</I></B></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">The net impact of acquisitions (divestitures)
reflects the year-over-year change in the Company&rsquo;s reported net revenue attributable to the impact of all individual entities that
were acquired or divested in the current and prior year.</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">We calculate impact of an acquisition as follows:
(a) for an entity acquired during the current year, we present the entity&rsquo;s prior year net revenue for the same period during which
we owned it in the current year as impact of the acquisition in the current year; and (b) for an entity acquired in the prior year, we
present the entity&rsquo;s prior year net revenue for the period during which we did not own the entity in the prior year as impact of
the acquisition in the current year.</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">We calculate impact of a divestiture as follows:
(a) for a divestiture in the current year, we present the entity&rsquo;s prior year net revenue for the same period during which we no
longer owned it in the current year as impact of the divestiture in the current year; and (b) for a divestiture in the prior year, we
present the entity&rsquo;s prior year net revenue for the period during which we owned it in the prior year as impact of the divestiture
in the current year.</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">We calculate the impact of any acquisition or
divestiture without adjusting for foreign currency exchange fluctuations.</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"><B><I>Impact of Foreign Currency Exchange Fluctuations</I></B></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">The impact of foreign currency exchange fluctuations
reflects the year-over-year change in the Company&rsquo;s reported net revenue attributable to changes in foreign currency exchange rates.
We calculate the impact of foreign currency exchange fluctuations for the portion of the reporting period in which we recognized revenue
from a foreign entity in both the current year and the prior year. The impact is calculated as the difference between (1) reported prior
period net revenue (converted to U.S. dollars at historical foreign currency exchange rates) and (2) prior period net revenue converted
to U.S. dollars at current period foreign exchange rates.</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"><B><I>Organic Net Revenue Growth (Decline)</I></B></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">Organic net revenue growth (decline) reflects
the year-over-year change in the Company&rsquo;s reported net revenue attributable to the Company&rsquo;s management of the entities it
owns. We calculate organic net revenue growth (decline) by subtracting the net impact of acquisitions (divestitures) and the impact of
foreign currency exchange fluctuations from the aggregate year-over-year increase or decrease in the Company&rsquo;s reported net revenue.</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"><B><I>Illustrative Examples</I></B></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">The following examples illustrate how the Company
calculates the impact of acquisitions (divestitures), the impact of foreign currency exchange fluctuations and organic net revenue growth
(decline), in each case assuming a full-year reporting period:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For an entity acquired on April 1 of the current year, the acquired entity&rsquo;s net revenue is included
in the Company&rsquo;s consolidated statements of operations for the last nine months of the current year. The net revenue of the acquired
entity for the last nine months of the year prior to the acquisition is classified as the impact of the acquisition in the current year
and included in the calculation of net impact of acquisitions (divestitures). Since the entity was acquired during the current year reporting
period, there is no impact of foreign currency exchange fluctuations attributable to that entity. Organic net revenue growth (decline)
attributable to the acquired entity in the current year is calculated by subtracting the impact of acquisition (as calculated above) from
the net revenue recognized from the acquired entity for the current year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For an entity acquired on April 1 of the prior year, the acquired entity&rsquo;s net revenue is included
in the Company&rsquo;s consolidated statements of operations for the last nine months of the prior year and the entirety of the current
year. The net revenue of the acquired entity for the first three months of the prior year (the year of acquisition) is classified as the
impact of the acquisition in the current year and included in the calculation of net impact of acquisitions (divestitures). The impact
of foreign currency exchange fluctuations attributable to the entity in the current year is calculated as the difference between (1) reported
net revenue recognized from the acquired entity for the last nine months of the prior year and (2) net revenue recognized from the acquired
entity for the same period of the prior year, converted to U.S. dollars at current period foreign exchange rates. Organic net revenue
growth (decline) attributable to the acquired entity in the current year is calculated by subtracting (1) the impact of acquisition and
(2) the impact of foreign currency exchange fluctuations, each calculated as described above, from the year-over-year change in the net
revenue recognized from the acquired entity for the current year.</TD></TR></TABLE>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For an entity divested on April 1 of the current year, the divested entity&rsquo;s net revenue is included
in the Company&rsquo;s consolidated statements of operations for the entirety of the prior year and the first three months of the current
year. The net revenue of the divested entity for the last nine months of the prior year is classified as the impact of the divestiture
in the current year and included in the calculation of net impact of acquisitions (divestitures). The impact of foreign currency exchange
fluctuations attributable to the entity in the current year is calculated as the difference between (1) reported net revenue recognized
from the divested entity for the first three months of the prior year and (2) net revenue recognized from the divested entity for the
same period of the prior year, converted to U.S. dollars at current period foreign exchange rates. Organic net revenue growth (decline)
attributable to the divested entity in the current year is calculated by subtracting (1) the impact of divestiture and (2) the impact
of foreign currency exchange fluctuations, each calculated as described above, from the year-over-year change in net revenue recognized
from the divested entity for the current year.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For an entity divested on April 1 of the prior year, the divested entity&rsquo;s net revenue is included
in the Company&rsquo;s consolidated statements of operations for the first three months of the prior year and none of the current year.
The net revenue recognized from the divested entity for the first three months of the prior year is classified as the impact of the divestiture
in the current year and included in the calculation of net impact of acquisitions (divestitures). Since the entity was divested prior
to the current year reporting period, there is no impact of foreign currency exchange fluctuations or organic net revenue growth or decline
attributable to that entity.</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"><B><I>Proposed Revised Disclosure</I></B></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">As noted above, the Company intends to revise
its disclosure in future filings, beginning with the 2023 Form 10-K, to further clarify the methodologies by which the Company calculates
the net impact of acquisitions and divestitures, the impact of foreign currency exchange fluctuations and organic net revenue growth (decline).
The Company&rsquo;s proposed revisions to its disclosure are as follows:</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 0.5in; text-align: justify; background-color: white"><FONT STYLE="background-color: white"><B>Non-GAAP
Financial Measures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white">The
Company reports its financial results in accordance with accounting principles generally accepted in the United States (&ldquo;GAAP&rdquo;).
In addition, the Company has included non-GAAP financial measures and ratios, which management uses to operate the business, which it
believes provide useful supplemental information to both management and readers of this report in making period-to-period comparisons
in measuring the financial performance and financial condition of the Company. These measures do not have a standardized meaning prescribed
by GAAP and should not be construed as an alternative to other titled measures determined in accordance with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white"><B><I>Net
Revenue</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;Net
revenue&rdquo; refers to revenue excluding billable costs. The Company believes billable costs and their fluctuations are not indicative
of the operating performance of its underlying business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white"><B><I>Organic
Net Revenue Growth (Decline)</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white">&ldquo;Organic
net revenue growth (decline)&rdquo; reflects the year-over-year change in the Company&rsquo;s reported net revenue attributable to the
Company&rsquo;s management of the entities it owns. We calculate organic net revenue growth (decline) by subtracting the net impact of
acquisitions (divestitures) and the impact of foreign currency exchange fluctuations from the aggregate year-over-year increase or decrease
in the Company&rsquo;s reported net revenue.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in">The net impact of acquisitions
(divestitures) reflects the year-over-year change in the Company&rsquo;s reported net revenue attributable to the impact of all individual
entities that were acquired or divested in the current and prior year. We calculate impact of an acquisition as follows: (a) for an entity
acquired during the current year, we present the entity&rsquo;s prior year net revenue for the same period during which we owned it in
the current year as impact of the acquisition in the current year; and (b) for an entity acquired in the prior year, we present the entity&rsquo;s
prior year net revenue for the period during which we did not own the entity in the prior year as impact of the acquisition in the current
year. We calculate impact of a divestiture as follows: (a) for a divestiture in the current year, we present the entity&rsquo;s prior
year net revenue for the same period during which we no longer owned it in the current year as impact of the divestiture in the current
year; and (b) for a divestiture in the prior year, we present the entity&rsquo;s prior year net revenue for the period during which we
owned it in the prior year as impact of the divestiture in the current year. We calculate the impact of any acquisition or divestiture
without adjusting for foreign currency exchange fluctuations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-align: justify; text-indent: 0.25in; background-color: white">The
impact of foreign currency exchange fluctuations reflects the year-over-year change in the Company&rsquo;s reported net revenue attributable
to changes in foreign currency exchange rates. We calculate the impact of foreign currency exchange fluctuations for the portion of the
reporting period in which we recognized revenue from a foreign entity in both the current year and the prior year. The impact is calculated
as the difference between (1) reported prior period net revenue (converted to U.S. dollars at historical foreign currency exchange rates)
and (2) prior period net revenue converted to U.S. dollars at current period foreign exchange rates.</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"><U>Notes to Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>20. Segment Information, page 113</U></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: 13.5pt"><I>2.</I></TD><TD><I>Given you generated approximately 17.5% of your total revenues outside of the United States in 2022 and maintain office space in
Africa, Europe, Asia, South America, and Australia, please tell us your consideration of providing long-lived assets geographic information
in accordance with ASC 280-10-50-41, or revise. If providing this disclosure is impracticable (which is expected to be rare), please tell
us the specific aspects of providing this disclosure that are impracticable and explain in detail why each aspect is impracticable. If
your impracticability assertion for one or more specific aspects surrounds excessive cost, please also demonstrate how you determined
the cost would be excessive.</I></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">The Company acknowledges the Staff&rsquo;s comment and respectfully
advises the Staff that the Company considered ASC 280-10-50-41 when preparing the 2022 Form 10-K and concluded that disclosure of long-lived
assets geographic information was not material to the financial statements for the period. As of December 31, 2022, approximately 85%
of the Company&rsquo;s long-lived assets (Right-of-use lease assets &ndash; operating leases and fixed assets, net) included in the Company&rsquo;s
assessment under ASC 280-10-50-41 were located in the United States, the Company&rsquo;s country of domicile. As of December 31, 2022,
of the remaining long-lived assets located outside of the United States, each individual country represented less than 10% of the total
long-lived assets. The Company therefore concluded that this information was not material to the financial statements for the period and,
in accordance with ASC 280-10-55-20, determined not to disclose long-lived assets geographic information in the 2022 Form 10-K.</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">The Company will continue to evaluate whether long-lived assets information
for an individual country would be material to the financial statements and, if material, will separately disclose the balance for such
country in its future filings with the Commission.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --> | 5</FONT></P></DIV>
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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-align: center">********************************************</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">Please do not hesitate to contact me at (646)
412-6857 or frank.lanuto@stagwellglobal.com with any questions or comments regarding this filing or if you wish to discuss the above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ Frank Lanuto</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Frank Lanuto</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5in"></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>Vincenzo DiMaggio, Chief Accounting Officer, Stagwell Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Peter McElligott, General Counsel, Stagwell Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Edmund Graff, Deputy General Counsel, Stagwell Inc.<BR>
Paul M. Tiger, Freshfields Bruckhaus Deringer US LLP<BR>
Andrea M. Basham, Freshfields Bruckhaus Deringer US LLP</P>

<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 0.5in"></P>

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