Interpublic sells remaining stake in Facebook

Tue Nov 20, 2012 10:50am EST

Nov 20 (Reuters) - Interpublic Group of Companies said it sold its remaining investment in Facebook Inc for $95 million in cash.

Interpublic said it expects to record a pre-tax gain of $94 million.

"We decided to sell our remaining shares in Facebook as our investment was no longer strategic in nature," Chief Executive Michael Roth said in a statement.

Interpublic also authorized an increase in its existing share repurchase program from $300 million to $400 million.

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