Nov 20 Interpublic Group of Cos 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. It had recorded a pre-tax gain of $132.2 million for
the third quarter of last year from the sale of half of its 0.4
percent stake in Facebook.
Interpublic paid less than $5 million for the stake in 2006.
Shares of Facebook, which debuted with a market value of
more than $100 billion in May, have lost nearly half their value
since then on concerns about money-making prospects.
"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 to $400 million from $300 million. The
company repurchased shares worth $151 million, as of Sept. 30.
Shares of the company were up 1 percent at $10 on the New
York Stock Exchange on Tuesday.
Facebook shares were marginally up at $23.00 on the Nasdaq.