Nov 5 (Reuters) - IAC/InterActiveCorp said on
Thursday it was considering spinning off its stake in the online
video platform Vimeo that raised $150 million from Thrive
Capital and Singapore's GIC at a $2.75-billion valuation.
IAC, which has a history of building businesses and later
splitting them into separate companies, has already spun off and
listed ten companies.
Most recently, the company spun off its stake in Match Group
, which houses popular online dating services including
Tinder, Hinge, and OkCupid.
"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
In a bid to boost subscribers, Vimeo in October 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.
Demand for Vimeo's platform, which provides video creation,
hosting and marketing tools to professionals and businesses, has
spiked in the lockdown as more people shift to working and
learning remotely. Shares of the company, which have gained
about 61% this year, rose 8.8% in extended trading.
IAC also reported a quarterly revenue rise of 11.8% to
$788.4 million, beating analysts' estimates of $766.7 million,
according to Refinitiv IBES data. (https://bit.ly/3p1rx4P)
Revenue from IAC's largest unit, ANGI Homeservices,
increased 9% to $389.9 million, beating analysts' estimates of
(Reporting by Chavi Mehta and Ayanti Bera in Bengaluru, Writing
by Subrat Patnaik; Editing by Shounak Dasgupta and Uttaresh.V)