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NEW YORK Interpublic Group has agreed to pay $93 million to end a 15-year contract to promote and run the British Grand Prix in the fourth year of the deal, IPG said.
The contract with Formula One Administration Limited would have cost IPG an estimated $300 million through 2015. IPG will record a charge in its second-quarter results to reflect the buyout.
“I have made it clear that it is inappropriate for us to be involved in owning or operating venue-based motor sports businesses,” said IPG CEO David Bell, in a statement.
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