for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

IAC looks to spin off its stake in Vimeo

Nov 5 (Reuters) - IAC/InterActiveCorp said on Thursday it was considering spinning off its stake in Vimeo, its video platform that raised $150 million in funding at a $2.75 billion valuation.

“We’re now evaluating a full spin off to enable Vimeo with the complete suite of tools available in the public markets,” IAC Chief Executive Officer Joey Levin said.

“There’s a long way to go before we’re decided on that, and far too early to speculate on what the terms of that spin would look like.”

In a bid to boost subscribers, Vimeo launched a free video messaging tool on its platform and collaborated with GoDaddy Inc to make video tools available along with the website builder’s suite in October.

Quarterly revenue from IAC’s largest unit, ANGI Homeservices, increased 9% to $389.9 million, beating analysts’ estimates of $383.1 million, according to Refinitiv IBES data.

IAC’s net income attributable to shareholders rose to $184.9 million, or $2.04 per share, in the third quarter ended Sept. 30, from $16.5 million, or 19 cents per share, a year earlier.

The quarterly results included a $227.7 million after-tax unrealized gain related to IAC’s investment in MGM Resorts International.

Total revenue rose 11.8% to $788.4 million, beating analysts’ estimates of $766.7 million. (Reporting by Chavi Mehta and Ayanti Bera in Bengaluru; Editing by Shounak Dasgupta)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up