Shares in digital conglomerate Interactive Corp. are up 14% today after the company announced that its video subsidiary Vimeo will be spun off into its own company in 2021.In the quarter ending in September, Vimeo had 1.46 million subscribers, a gain of 21% from the same period a year ago, with revenue of $75.1 million.
A fundraising round earlier this year valued it at $2.75 billion.Pending the necessary internal sign-offs, the spinoff will take effect in the second quarter.
It would be the 11th entity to be spun out of IAC and its predecessors. Barry Diller, who led IAC as CEO from 1995 to 2010, remains the company’s chairman.IAC stock boomed on the spinoff news, approaching the closing bell at about $184, its highest point since October
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