Home Actualité internationale . . World News – USA – IAC plans to spin off Vimeo Video Unit worth $ 2. 75 billion
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. . World News – USA – IAC plans to spin off Vimeo Video Unit worth $ 2. 75 billion

. . IAC announced plans to sell its full stake in Vimeo, the video hosting and software company, to IAC shareholders. In November, IAC announced that Vimeo was $ 2. 75 billion valuation according to Raisi ...

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IAC announced plans to sell its full stake in Vimeo, the video hosting and software company, to IAC shareholders.

In November, IAC announced that Vimeo has $ 2. 75 billion valuation after raising approximately $ 150 million from Thrive Capital and GIC.

IAC, led by Chairman Barry Diller, said Vimeo saw a surge in demand in 2020 due to the COVID pandemic. Vimeo has 1. 5 million paying subscribers, including more than 3. 500 corporate customers, including Amazon, Starbucks, Deloitte, Rite Aid and Siemens. According to IAC’s financial results for the third quarter of 2020, Vimeo was profitable in the third quarter (adjusted), increasing total revenue 44% year over year.

For the first nine months of 2020, Vimeo had sales of $ 199. 4 million, 41% more than the same period last year. Vimeo reduced its operating loss to $ 25. 6 million for the first three quarters of 2020, compared to a net loss of $ 40. 6 million for the first nine months of 2019.

IAC expects the spin-off from Vimeo to take place in the second quarter of 2021 when the transaction is approved by shareholders. Upon completion, Vimeo would become an independent, separately traded public company.

« The combination of Vimeo’s remarkable growth, solid leadership position and enormous market opportunities made its future clear, » said IAC CEO Joey Levin when announcing the spin-off plan. “It is time for Vimeo to spread its wings and become a great independent public company. ”

With the proposed spin-off, Vimeo CEO Anjali Sud (see image above) would remain at the top. « We have long believed in the power of video to advance human expression and transform businesses, » Sud said in a statement. “Today we have a rare opportunity to help every team and organization in the world incorporate video into their entire operations, in all the ways they communicate and collaborate. ”

Vimeo would be 11. Company that will be spun off from IAC and its predecessors. Over the years, Diller’s holding company has spun off companies such as Match Group, Expedia, LendingTree, HSN (now part of Qurate), Ticketmaster (now part of Live Nation Entertainment) and ANGI Homeservices.

Under the terms of the proposed transaction, IAC shareholders would receive a prorated amount of Vimeo shares, and it is structured to be tax-free for IAC and its shareholders for U.. S.. . Federal income tax purposes. The spin-off is subject to conditions such as final approval by the IAC Board of Directors, approval of the proposed separation by IAC shareholders, and receipt of a tax opinion from the IRS.

IAC, Vimeo, LLC, stock, business spin-off

World News – USA – IAC plans to spin off Vimeo Video Unit for $ 2. 75 billion
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Ref: https://variety.com

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