IPG Unloads Half Of Facebook Stake For $133 Million
Interpublic Group sold half of its stake in Facebook for $133 million to an undisclosed buyer.
Interpublic Group sold about half of its stake in Facebook for $133 million to an undisclosed buyer.
The company had invested less than $5 million in Facebook in June, 2006 for a holding equivalent to less than half a percent of the social network, according to Tom Cunningham, vice president of communications for IPG.
Upon the transaction’s closing, IPG expects to record a pre-tax gain of $132 million. The company is using these proceeds to repurchase its own stock.
Prior to the sale announced today, IPG’s stake had grown to roughly $266 million.
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