AgencySpy LostRemote TVNewser TVSpy FishbowlNY FishbowlDC GalleyCat SocialTimes

IPG Sells Half Its Stake in Facebook for $133 Million

Interpublic Group, home to advertising agencies like McCann Erickson Worldwide and PR firms including GolinHarris, Carmichael Lynch Spong, and Weber Shandwick, has sold half of its stake in Facebook for $133 million. The company first invested in Facebook in 2006.

“Facebook has since become a part of daily life for hundreds of millions of people around the world. Its ubiquity has meant the strategic value of our initial investment has moderated, while the financial value of that stake appreciated significantly,” IPG CEO Michael Roth said in a statement.

The same press release also announced a share repurchasing program. IPG stock closed on Friday at $8.64 per share.  Our colleagues at AllFacebook also have details about the sale.

Mediabistro Course

Mediabistro Job Fair

Mediabistro Job FairLand your next big gig! Join us on January 27 at the Altman Building in New York City for an incredible opportunity to meet with hiring managers from the top New York media companies, network with other professionals and industry leaders, and land your next job. Register now!