Interpublic To Sell Half Its Facebook Stake For $133M

Law360, New York (August 15, 2011, 2:47 PM EDT) -- Advertising and marketing conglomerate The Interpublic Group of Cos. reached a deal Monday to sell half its stake in Facebook Inc. to an undisclosed buyer for $133 million, the company said.

According to Interpublic, the sale will net it a pretax gain of $132 million, which will go toward increasing a stock repurchase program.

The relationship with Facebook began in 2006 and was intended to fast-track Interpublic’s ability to grow its clients’ social media offerings, the company's chairman and CEO, Michael I. Roth, said.

"Facebook has...
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