Interpublic Group Unloads The Rest Of Its Stake In Facebook
Talk about a wise investment: Interpublic Group of Cos. paid less than $5 million in 2006 for a stake in Facebook. After selling about one-half of that stake to an undisclosed buyer in August 2011, for $133 million, IPG unloaded the rest of its share of the social network Tuesday for $95 million in cash.
Talk about a wise investment: Interpublic Group of Cos. paid less than $5 million in 2006 for a stake in Facebook. After selling about one-half of that stake to an undisclosed buyer in August 2011, for $133 million, IPG unloaded the rest of its share of the social network Tuesday for $95 million in cash.
IPG said it expects to record a pretax gain of $94 million on the transaction, and Chairman and CEO Michael Roth said in a statement:
The value of the investment we made in Facebook in 2006 has increased significantly during the past six years.
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