Move by US marketing services giant values social networking site at about $65bn
Interpublic Group, the US marketing services giant that owns ad agency networks including Lowe and McCann-Erickson, has sold half of its stake in Facebook for $133m (£81m).
IPG was a relatively early Facebook investor, buying "less than one-half of 1%" in the social networking website in 2006 as part of a wider strategic partnership.
The sale price of half of the stake, which is believed to have been 0.4%, values Facebook at about $65bn.
When IPG acquired the stake it said the deal included working with Facebook on pilot marketing programmes including "sponsorships, consumer research and content creation on behalf of its clients".
Michael Roth, the chief executive and chairman of IPG, said the "ubiquity" of Facebook has now reduced the strategic value of the investment, while admitting the value of the stake has skyrocketed.
"Interpublic formed a strategic relationship with Facebook in 2006 that allowed us to fast track the growth of our social media offerings on behalf of clients," added Roth.
"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."
Roth said an "attractive opportunity" to sell some of the stake had presented itself and it "made sense" to do so.
IPG did not reveal the number of shares it is selling but said that the sell-off would see a pre-tax gain of about $132m.
In June, investment fund GSV Capital Corp bought 225,000 shares in Facebook at an average price of $29.28 each, valuing the social networking site at about $70bn.
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Source: http://www.guardian.co.uk/media/2011/aug/15/interpublic-facebook-stake
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