Topline IAC, the internet and media conglomerate founded by billionaire Barry Diller, on Tuesday announced it plans to spin off its majority stake in the video-streaming platform Vimeo to IAC shareholders, which will make it the eleventh independent, publicly traded company to emerge from IAC. Barry Diller attends the Heavenly Bodies: Fashion & The Catholic Imagination Costume Institute Gala … [+] at The Metropolitan Museum of Art on May 7, 2018. Getty Images Key Facts IAC said it expects to reclassify its shares, with IAC stockholders receiving a proportionate amount of Vimeo stock. If the proposal is approved by stockholders, the deal is expected to be completed by the second quarter of 2021. Key Background Vimeo raised $150 million in equity investment in November and was valued at $2.75 billion. Vimeo has more than 200 million global users and 3,500 customers, including Amazon, Starbucks and Deloitte. IAC reported that Vimeo’s revenue increased by 44% to $75.1 million in the quarter ending September 30 with an operating loss of $3.3 million and subscribers grew 21% to 1.46 million. Tangent IAC’s holdings also include Dotdash and Care.com and it has majority ownership of ANGI Homeservices, which includes Angie’s List, HomeAdvisor and Handy.…
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IAC Plans To Spin Off Vimeo To Shareholders
