Interpublic Group is in final negotiations of a partnership deal with hot social networking site Facebook which would have Interpublic spend $10 million in advertising with Facebook each year in exchange for a 0.5% ownership stake in the company.
Well, I guess if you can't be bothered to figure out how to engage the social networking trend, just wave some money and buy it!
Its actually a smart move as Interpublic gains access to a wealth or research into the behavior of young people on this site and can offer its clients more than banner ads. Its also another way the ad industry is trying to figure out new revenue models.
Started by Harvard college student Mark Zuckerberg in February 2004, it drew 14 million visitors in May of this year.
Its status as a fixture of college life was confirmed this month by a Student Monitor survey that found Facebook tied with beer as the most "in" item of college life, trailing only Apple's iPod.