According to The Detroit News, several high-ranking GM officials have held talks with Facebook chief operating officer Sheryl Sandberg this week, including company CEO Dan Akerson. However, GM isn't ready to sign back on the dotted line just yet. GM wants Facebook to provide evidence that buying advertising on the site is an effective marketing tool.
Before calling it quits, GM had a Facebook marketing budget of about $10 million. The auto giant spent another $30 million of its Facebook fan sites.
Although a relatively small figure for both companies - GM spends $4 billion per year on advertising and Facebook generates $3.7 billion in advertising revenue - GM's decision to stop advertising on the site gave Facebook somewhat of a black eye. Some have questioned Facebook's money making ability, with GM's announcement only fueling that fire.
Despite GM's decision, Ford continues to be a major Facebook backer and has actually increased its advertising budget for the site.
