IAC plans to spin off Vimeo as an independent company2020-12-22 18:45 by Daniela
Tags: IAC, Vimeo
IAC, a holding company founded by the former movie mogul Barry Diller, Tuesday morning announced plans to spin off Vimeo, a video production platform.
Last month, IAC CEO Joey Levin wrote a letter to shareholders in which he said the holding company had "begun contemplating spinning Vimeo off to our shareholders." It sounds like the company has moved beyond the contemplation phase, with plans that will be submitted for stockholder approval in the first quarter of 2021, and the actual spin off happening in Q2.
While Vimeo once competed with YouTube as a consumer video destination, its strategy has shifted in recent years to providing video tools for businesses. In November, the company said it had 1.5 million paying subscribers and 3,500 enterprise clients — and that its most recent quarter was with positive EBITDA, plus year-over-year revenue growth of 44%.
This will make Vimeo the 11th public company to spin out from IAC. The company last agreed to spin off all of its shares of online dating company Match Group.
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