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IAC plans to spin off Vimeo as an independent company
Anthony Ha
INDIA - 2019/08/17: In this photo illustration a popular video sharing application Vimeo logo seen displayed on a smartphone. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
IAC announced today that it plans to turn Vimeo into an independent, publicly traded company.
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.
"The combination of Vimeo's remarkable growth, solid leadership position and enormous market opportunity have made clear its future," Levin said in a statement today. "It's time for Vimeo to spread its wings and become a great independent public company."
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%.
The announcement notes that this is the eleventh company that IAC has spun off, a process in which it distributes its ownership stake to IAC shareholders. (Match Group completed its separation from IAC over the summer.)
"Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate," said Vimeo CEO Anjali Sud in a statement. "Our all-in-one solution radically lowers the barriers of time, cost and complexity that previously made professional-quality video unattainable. We're ready for this next chapter and focused on making video far easier and more effective than ever before."
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The Poly Effects Digit and Beebo are two of the more interesting guitar pedals to come out in the last few years. They were built on the exact same platform and their firmware are completely interchangeable. Now the company is taking the next logical step, and combining them into a single firmware and single pedal under the Beebo name.
(Bloomberg) -- Global stocks climbed to another all-time high Thursday on optimism that U.S. fiscal spending will revive economic growth and bolster corporate earnings. The dollar weakened.Asian shares rose for a third session as Chinese stocks outperformed and Hong Kong's Hang Seng index hit 30,000 points for the first time since May 2019. U.S. futures edged higher after the S&P 500 posted its best first-day reaction to a presidential inauguration since at least 1937. The tech-heavy Nasdaq 100 Index jumped more than 2%. Netflix Inc and ASML Holding NV were among companies that gained on solid results. Treasuries were little changed.In China, the nation's three biggest telecommunications firms said they requested a review of the New York Stock Exchange's decision to delist their shares. Separately, Twitter Inc. locked the official account of the Chinese embassy to the U.S., citing a violation of its "dehumanization" policy.Elsewhere, oil dipped as concerns over lackluster consumption amid the pandemic crept back in. The yen was steady after the Bank of Japan kept its main policy settings unchanged. The Australian dollar rose as the nation's unemployment rate dropped.Investors looked past a fresh stumble in the rollout of vaccines and elevated infection rates, toward the promise of increased economic support and an expanded federal effort to get shots to more Americans under President Joe Biden. Stimulus plans in Europe will come under further scrutiny after the European Central Bank's policy decision later Thursday."We are really optimistic about the growth and markets outlook for 2021," Lale Akoner, senior market strategist at BNY Mellon Investment Management, said on Bloomberg TV. "The reflation trade that has been going on since September has more room to run."Investors are counting on more aid to help propel economic growth under Biden. Still, it won't be all smooth sailing, with Janet Yellen encountering early Republican resistance to Biden's relief plan in her confirmation hearing to become Treasury secretary.On the virus front, Germany suffered record daily deaths and a study on the South African variant raised concern about the efficacy of vaccines.These are some key events coming up:Policy decisions are due Thursday from Bank Indonesia and the European Central Bank.Earnings are due from companies including Kia Motors Corp., Schlumberger Ltd. and Yes Bank Ltd.These are the main moves in markets:StocksS&P 500 futures rose 0.4% as of 1:25 p.m. in Tokyo. The gauge climbed 1.4% on Wednesday.Japan's Topix index climbed 0.7%.South Korea's Kospi added 0.6%.Hang Seng rose 0.2%.Shanghai Composite rose 1.3%.Euro Stoxx 50 futures advanced 0.4%.CurrenciesThe Bloomberg Dollar Spot Index slipped 0.2%.The yen was at 103.49 per dollar.The offshore yuan was at 6.4610 per dollar.The euro bought $1.2130, rising 0.2%BondsThe yield on 10-year Treasuries held at 1.08%.CommoditiesWest Texas Intermediate crude dipped 0.4% to $53.12 a barrel.Gold was at $1,871.06 an ounce, down 0.1%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
It's been a fun rookie class this year.
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