The company behind social media network Facebook has made a massive investment in advertising, buying up dozens of media companies and launching its own ad agency.
CBS News has learned from an anonymous source that Facebook has purchased more than 100 advertising agencies, including one that is based in New York.
The agency will be called “Volo” and will have an office in Manhattan’s Upper East Side.
The new agency, according to the source, is expected to be the largest of its kind in the world.
CBSNews.com is not identifying the agency because it is not authorized to talk to media.
Facebook says it’s not a third-party, but it will use some of its advertising budget to buy up new agencies.
The sources also say that Volo’s marketing arm will hire a team of 30 people to run its social media marketing efforts.
Volo has also acquired “Starz” and a network of “T.V. networks,” the sources said.
According to the sources, Facebook is not using Facebook’s advertising budget directly, but is buying the agencies’ advertising to use on its own advertising platform, which has been built with the help of technology from the social network.
Facebook has about $3 billion in ad revenue, according the company’s SEC filing last year.
It is unclear whether the new ad agency will use the money to fund advertising on the site or elsewhere.