MCD sold a portion of its shares in CMG, but not all (or even most of them) in the IPO. MCD received the cash from that sale. MCD has stated that it may choose to either sell or distribute the shares of CMG it retained to its shareholders. But it hasn't yet. For the most part, you don't see this reflected in MCD, because CMG is so small in comparison.THe MCD ventures is just a legal entity MCD created to own CMG (and possibly others). Its just a legal protection/seperation, but not an ownership divison.Orie
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