NEW YORK: Interpublic Group plans to sell approximately half of its holding in Facebook for $130 million.
"Facebook's ubiquity has meant the strategic value of our initial investment has moderated, while the financial value of that stake appreciated significantly," said Michael Roth, IPG chairman and CEO, in a release issued today. "As a result, when an attractive opportunity to divest a portion of our position recently presented itself, we decided it made sense to do so."
The group's strategic alliance with the social networking platform began in 2006.
IPG's Constituency Management Group includes PR firms, such as Weber Shandwick and GolinHarris, as well as event and experiential marketing agencies.