NEW YORK, Nov 12, 2004 (BUSINESS WIRE) -- The Interpublic Group of Companies, Inc. (NYSE: IPG) announced today that the company had exercised its option to terminate its leasehold interest in the Silverstone race track, effective December 15, 2004. On that date, the company's Silverstone Motor Sports Limited subsidiary will transfer to the British Racing Drivers' Club its associated businesses at Silverstone, thereby bringing to a close Interpublic's involvement in UK motor sports. Subsequent to this transfer, Interpublic will have no significant future financial obligations related to its former motor sports holdings or contracts.
"For a number of years now, this non-strategic business has been a disproportionate drain on our operating results, as well as management time and attention," said Interpublic CEO David Bell. "Exiting motor sports is therefore an important step for us as we move forward and focus on our core business. We're pleased to have closed this chapter in our company's history."
Interpublic is one of the world's leading organizations of advertising agencies and marketing-services companies. Major global brands include Draft, Foote, Cone & Belding Worldwide, GolinHarris International, Initiative, Jack Morton Worldwide, Lowe & Partners Worldwide, McCann Erickson, Octagon, Universal McCann and Weber Shandwick Worldwide. Leading domestic brands include Campbell-Ewald, Deutsch and Hill Holliday.
SOURCE: The Interpublic Group of Companies, Inc.
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